Indian Banking System and Blockchain Technology-Reference-Cited by-同舟云学术

Indian Banking System and Blockchain Technology

Published:2024-04-19 Issue: Volume: Page:202-212
ISSN:2327-5677
Container-title:Advances in Finance, Accounting, and Economics
language:
Short-container-title:

Author:

Khurana Ajay¹,Pathak Nitin²^ORCID,Gawshinde Shanul³^ORCID,Preet Anmol¹

Affiliation:

1. University School of Business, Chandigarh University, India

2. University School of Business, Chandigarh University, Mohali, India

3. Symbiosis Institute of Management Studies, Symbiosis International University, India

Abstract

Innovations have significantly altered the structure of the banking process, and technology and banking are inextricably linked. Blockchain technology (BCT) is a disruptive development in the global financial sector that has revolutionized the banking sector by replacing traditional barter systems with the introduction of money and digital signatures. The chapter aims to give a general overview of blockchain technology, highlighting its advantages and possibilities in the Indian banking industry. Since receiving constant encouragement and guidelines from the IMF to adopt blockchain technology, 15 Indian banks have banded together to establish the blockchain technology used by the Indian Banks Blockchain Infrastructure Co. Pvt Ltd. (IBBIC) business that handles transactions and digitizes the financial system. The study's results indicate that blockchain will eventually play a pivotal role in revolutionizing the Indian banking sector by improving the speed, safety, transparency, and effectiveness of banking transactions.

Publisher

IGI Global

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