Blockchain-IoT-Based Solutions for Smart Banking and Finance Systems
Senthil Kumar Arumugam, R. Seranmadevi, S. Susendiran, Amit Kumar Tyagi · Advances in logistics, operations, and management science book series · 2024
The convergence of Blockchain and Internet of Things (IoT) technologies provides transformative potential for smart banking and finance systems, promising enhanced security, transparency, and efficiency. This chapter discusses the architecture of Blockchain-IoT based solutions made for the banking and financial sectors, detailing the integration mechanisms, operational frameworks, and key functionalities. It highlights the current issues and challenges, including scalability, interoperability, data privacy, and regulatory compliance. The discussion extends to practical implementation hurdles and the socio-technical implications of widespread adoption. By analyzing case studies and emerging trends, this study identifies strategic pathways and innovative approaches for the next generation of smart banking solutions. The proposed way forward emphasizes the need for robust security protocols, scalable blockchain frameworks, seamless IoT integration, and adaptive regulatory frameworks to use the full potential of these technologies.