Impact of blockchain-enabled analytics as a tool to revolutionize the banking industry

Abstract

Blockchain technology is disrupting the financial services industry and leading to extended big data applications in the banking sectors. Using blockchain and big data technology, banking industries can greatly improve decision-making, efficiency, and transparency. Nevertheless, there is a gap in research on the use of blockchain and big data technologies in banking systems from an academic viewpoint. To address the gap, we present a thorough overview of the impact of blockchain and big data technologies on banking systems. Although some banks have started blockchain development in small groups or isolation, this study was designed as a comprehensive exploration into a few facets of banking with blockchain technology to tackle the difficulties currently impeding the adoption of such technologies into banking systems throughout the world. This study shows that implementing big data and blockchain technology can significantly impact the security, speed and cost of transactions for banks. Further research could be conducted over a long-time span to capture the longitudinal impact of blockchain and big data technologies on banking in terms of the operating costs, profitability and scalability.