Blockchain Adoption in Banking Systems

Abstract

Blockchain technology is a core, underlying technology that stimulates possible applications in the banking sector. The study examines blockchain, the nascent technology that reinforces Bitcoin and other cryptocurrencies, to determine what it is and how it can disrupt and alter the banking services. It emphasizes the technology's properties and explains why they can significantly impact the banking industry, including reimbursements, payments, outflows, credentials facilities, and novel products based on smart contracts. The study also considered the work that needs to be done by the industry for blockchain applications to become a mainstream part of the financial landscape. It emphasizes that this is not a technology that a single company can perfect to obtain an advantage over competitors. Instead, it may assist the entire sector by speeding up and securing transactions. However, it can only reach its full potential if there is a wide-ranging alliance across the industry to explore practices and develop shared standards.