Checking the effectiveness of blockchain application in fraud detection with a systematic literature review approach

Purpose: The study aims to explore the wider acceptance of blockchain technology and growing faith in this technology among all business domains to mitigate the chances of fraud in various sectors. Design/Methodology/Approach: The authors focus on studies conducted during 2015–2022 using keywords such as blockchain, fraud detection and financial domain for Systematic Literature Review (SLR). The SLR approach entails two databases, namely, Scopus and IEEE Xplore, to seek relevant articles covering the effectiveness of blockchain technology in controlling financial fraud. Findings: The findings of the research explored different types of business domains using blockchains in detecting fraud. They examined their effectiveness in other sectors such as insurance, banks, online transactions, real estate, credit card usage, etc. Practical Implications: The results of this research highlight (1) the real-life applications of blockchain technology to secure the gateway for online transactions; (2) people from diverse backgrounds with different business objectives can strongly rely on blockchains to prevent fraud. Originality/Value: The SLR conducted in this study assists in the identification of future avenues with practical implications, making researchers aware of the work so far carried out for checking the effectiveness of blockchain; however, it does not ignore the possibility of zero to less effectiveness in some businesses which is yet to be explored.