A Survey on Blockchain in Financial Institutions
Anshu Tiwari, Aryan Kanjolia, Bhishek Kumar, Pawan Singh Mehra · 2024
This paper examines the transformative impact of blockchain technology in the financial sector, exploring the advantages, challenges, and future prospects of adopting blockchain and emphasising its role in enhancing efficiency and reducing transactional costs. Also, a comparative analysis is done across various blockchain technologies that are being used in the current FinTech sector. AI-powered chatbots streamline banking, while AI is implemented in blockchain for reducing operational costs, increasing scalability and AI in decentralised finance. Also, The decentralised method of operations across the FinTech sector is explored by disrupting the intermediaries across the network and the integration of UPI in regulating compliances is also discussed. Furthermore, the research highlights ongoing efforts to address scalability, interoperability, reducing security concerns, underscoring the potential for continued evolution and innovation in financial systems.