Blockchain-Based Banking System
Abrar Sayyed · International Journal for Research in Applied Science and Engineering Technology · 2024
Abstract: The emergence of blockchain technology has revolutionized the traditional banking system by providing a decentralized, secure, and transparent platform for financial transactions. This research paper explores the feasibility and benefits of implementing a blockchain-based banking system. By examining current challenges within the traditional banking sector, such as lengthy transaction times, high fees, and lack of transparency, this paper argues that blockchain technology can offer a viable solution. The paper also evaluates the potential risks and regulatory concerns associated with blockchain-based banking systems, and proposes strategies to mitigate these challenges. This research paper aims to highlight the transformative potential of blockchain technology in revolutionizing the banking sector and improving financial services for both consumers and institutions.