The Impact of Blockchain Technology and COVID‐19 on the Global Banking Industry
Jyoti Verma, Gagandeep Gagandeep · 2022
Blockchain Technology (BCT) can be defined as a decentralized and distributed ledger that records all transactions details of any digital asset. With its unique design, data on a blockchain cannot be changed easily. This chapter provides the details of blockchain technology and its impact on banking sector. Porter's Five Forces model was employed to strengthen and summarize the findings of the research. This model critically spotlights the weak position of Indian banks with and without cryptocurrencies. Another reason for employment of this model is to provide clear insights and useful construct of understanding various threats posed to Indian banking sector. Cryptocurrencies have huge impact on the banking sector as if these currencies remain left unregulated. Indian banking sector plays a pivotal role in the economy as has significant contribution towards gross domestic product (GDP) of the country; therefore, it would be advised to keep abreast of the technologies that could significantly disrupt its operations. With the advent of this technology in banking sector, it helps to eliminate the frauds due to errors and identity theft to a large extent. Hence, the banking sector has been excited in exploring the technology and deploy it.