An Umbrella Review of the Literature on Blockchain and Distributed Ledger Technology and Their Roles in Future Banking

Abstract

Blockchain technology is gaining popularity in the financial sector and specifically in banking. Its implementation will result into increased transparency and reduced cost. Distributed ledger technology (DLT) is primarily a payment system that is well adopted by the financial sector and will have significant impact on future of banking. The purpose of the study is to identify whether this novel technology is good enough to replace and compete with the traditional financial system. The current study followed the umbrella review limiting the studies based on blockchain, DLT, and banking from 2015 until today published in Scopus-indexed journals. The study concludes that there is evidence of adoption of blockchain technology in banking sectors around the globe, but there is still need to explore the application of blockchain in banking, and there is a need to overcome the challenges faced in implementation of blockchain in the banking sector.