Emergence of Blockchain Technology in Finance and Banking Sectors
Keywords:
Blockchain Technology, Banking Sector, Financial Sector, Bitcoin, Cryptocurrency, Digital CurrencyAbstract
The financial and banking sector has some of the most interesting possibilities for the implementation of blockchain technology, which is a fundamental and underlying technology. Individuals are more likely to be receptive to adopting new technology as a result of the growing importance of modernisation in our day-to-day life. The use of a remote control to operate various gadgets and the use of voice notes to issue orders are both examples of how contemporary technology has found a place in our everyday life. It is possible to define blockchain technology as a data structure that stores transactional records. This data structure ensures safety, transparency, and decentralisation, and it eliminates the possibility of fraudulent activity or duplicate transactions without the participation of a third party. In India, the most experienced and reliable financial middlemen are found in the nation's banks. Since development, there have been a few significant shifts that have taken place in the functioning of financial sector. A massive change ahead from "normal banking" toward "accommodation banking" has taken place in India's financial institutions. Without the involvement of any other parties, a research was carried out to determine the degree of currency's openness. It is a research about the technological framework of blockchain technology as well as the banking industry. The banking sector plays the most important function, and it also includes the most significant obstacles. The use of blockchain technology is redefining what the future of banking will look like.
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