A Review of Blockchain Applications For Secure and Transparent Financial Services with Big Data Analysis

Big data is changing the financial sector and could greatly affect the way financial research is done in the future. The implementation of new digital technologies has radically transformed financial services, particularly through big data analytics and blockchain technology. Big data enables companies to work with large, diverse, and moving data to enhance decision-making, forecasting, risk management, and cost optimization in accounting and financial operations. Hadoop and Apache Spark can be used to store, process, and perform real-time analytics on a significant volume of data, supporting more accurate financial reporting and fraud detection. Besides such developments, blockchain enhances transaction security and data integrity by providing decentralised, transparent, and tamper-resistant data structures. The enabling technologies (through cryptographic algorithms, distributed ledger, timestamping, and peer-to-peer networks) provide a high level of confidentiality, traceability, and efficiency. Blockchain has been used in financial services for fraud detection, cross-border payments, smart contracts, credit ratings, and recordkeeping, enabling quicker settlements and reduced intermediary costs. Together, these innovations make accounting information systems more reliable, secure, and efficient, transform conventional financial processes, and contribute to more transparent digital ecosystems.