AARAV BANSAL

This research looks at how blockchain technology has affected the growth of the American and Chinese banking sectors. Financial
markets could be radically altered by blockchain technology, a secure and decentralized digital ledger system, that increases
efficiency, decreases transaction costs, and increases transparency. As blockchain adoption grows globally, understanding its
implications for financial systems in different economic and institutional settings becomes crucial. This research uses econometric
methods, including “Fully Modified Ordinary Least Squares (FM-OLS)” and “Toda-Yamamoto causality tests”, to analyze the
relationship between blockchain adoption and financial development indicators such as financial market efficiency, liquidity, and
accessibility. By comparing the US, with its well-established financial infrastructure, and China, a leader in blockchain research and
development, the study offers valuable insights into the varying effects of blockchain in diverse institutional contexts. It is clear
from the results that blockchain can improve financial systems and boost economic growth, but the effect on these two economies
has been quite different. Insightful politicians, financial institutions, and tech developers can benefit from this study's practical
consequences as it adds to the expanding corpus of literature on blockchain and financial development.

Keywords:- Blockchain Technology, Financial Development, United States, China, Econometrics, Financial Market Efficiency,
Digital Ledger, Financial Systems.

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