The impact of blockchain in banking and financial services

Abstract

A blockchain is a Distributed Ledger Technology (DLT) that consists of a growing list of records, called blocks, that are securely linked together using cryptography (Bagrecha et al., 2020). Blockchain has been called the new internet and is fast multiplying and remaking economies, infrastructures, technologies, and enterprises, including those in the financial sector. Banks are denoted as one of the essential pillars or the basic structure of our economy, and it help in the growth and transformation in society. The financial sector acknowledges the transformative influence of blockchain technologies on various actions like forging unique revenue, furnishing operation efficiency, improving end-user experience, and reducing risk in business operations. This paper has intensely explored how blockchain works in banking and financial services.