  In China's Greater Bay Area (Guangdong-Hong Kong-Macao), the increasing use
of Blockchain technology in financial services has the potential to generate
benefits for many stakeholders. Blockchains are known for their distinctive
features, such as decentralized architecture, tamper-proof data structures, and
traceable transactions. These features make Blockchain a preferred choice of
platform for developing applications in financial service areas. Meanwhile,
some questions have been raised regarding Blockchain's suitability to compete
with or even replace existing financial systems. This paper provides insights
into the current progress of Blockchain applications in insurance, banking,
payments, asset trading, loans, remittances, the Internet of Things (IoT) for
the finance industry, financial inclusions, and enterprise-level interaction in
finance and governance. We review the barriers to widespread Blockchain
adoption, especially the risks when transaction fees dominate mining rewards.
By comparing the emerging Blockchain technologies and incentive issues related
to real-world applications, we hope that this paper can serve as a valuable
source of reference for Blockchain researchers and developers in financial
service areas.
