THE IMPACT OF BLOCKCHAIN TECHNOLOGY IN BANKING
Authors/Creators
- 1. Student MBA, Sharda School of Business Studies Sharda University, Greater Noida, India
- 2. Assistant Professor, Sharda School of Business Studies Sharda University, Greater Noida, India
Description
Since its inception, the banking business has served as an intermediary in financial transactions. They've been giving the necessary trust for money to flow. The banking system has always been influenced by technology. Banks have continually altered their working styles as information and technology has advanced. For information flow, banks are now connected to technology networks such as SWIFT. As a result, the banking industry is completely reliant on technology to carry out its daily operations. As a result, blockchain has the potential to be a huge driver for the banking industry.
Banks are frequently chastised for being inefficient, costly, and opaque. With their creative solutions, fintech and neo-banks such as PayPal, Revolut, and N26 are disrupting traditional banks. Blockchain offers a solution to these criticisms while also giving the Fintech business a competitive advantage. The interest in blockchain has grown steadily over time, and central banks and governments have recently begun to investigate its applications. The future certainly appears good, with numerous banks around the world researching the potential of blockchain.