Securing Online Bank's Big Data Through Block Chain Technology

Abstract

Many sectors and fields are being computerized to make the work paperless, more transparent, and efficient. Banking is one such sector that has undergone enormous changes. Any amount from any part to any corner of the world is now possible around the clock. The dependency on technology for providing the services necessitates security, and the additional risks involved in cross-border nature of transactions of banks poses new challenges for banking regulators and supervisors. Many types of research are going in this area of banks big data processing, data analytics, and providing security for cross-border payments to mitigate the risks. Block chain is one such advancement for addressing the challenges in financial services. This chapter provides a brief overview of block chain usage, addressing the traditional issues and challenges for cross-border transactions.