A, elhamza Blockchain and Traditional Banks: A Foresight Study on the Transformation of the Global Financial System in the Digital Age — Applications and China's Experience as a Model

Abstract

This study explores the potential transformation of the global financial system through Blockchain technology, focusing on its implications for traditional banking institutions. by analyzing China's centralized yet innovative application of Blockchain, the research identifies a hybrid model that balances state control with decentralized trust mechanisms. The study employs foresight methodology and content analysis of official documents, policies, and technical communications to understand this evolving landscape. Findings reveal that Blockchain is unlikely to replace traditional banks entirely, China’s approach demonstrates a scalable model that merges innovation with regulatory oversight. The study concludes that future-ready financial institutions must undergo structural and cognitive reforms to navigate the challenges of digital sovereignty and to remain relevant in the rapidly changing financial environment.