Affiliation:
1. Chitkara Business School, Chitkara University, India
Abstract
Blockchain is one of the revolutionary tools that has proven to be effective in resolving various problems in the banking industry. Blockchain technology has diversified applications over varied sectors as it facilitates the systematic recording of transactions in an effective, cheap, and safe manner. Blockchain technology offers various services to the banking industry which have improved the scalability and security of the banks. Thus in order to captivate the interest of researchers, academicians and bankers, the chapter presents a comprehensive review of the impact of blockchain on the banking industry. Moreover there is an urgent need to conduct extensive research into several aspects of banking with blockchain so as to overcome hindrances in the adoption of blockchain. The study provides a holistic framework highlighting the present status and future prospects of the adoption of blockchain technology in banks. Further, it describes how the adoption of blockchain can make the banking industry more secure and facilitate faster transaction recording.
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