Revolutionizing Finance
Vaishnavi Vadivelu, Fahima Annoorbatcha, Prakash Nachimuthu, P. Karthikeyan · 2025
Blockchain technology has emerged as a revolutionary remodeling discovery with significant flair to alter the banking industry. This decentralized and secure digital ledger offers various benefits, including enhanced security, transparency, and streamlined transactions. By eliminating intermediaries, blockchain can reduce transaction costs, expedite cross-border payments, and enable real-time peer-to-peer transfers. Smart contracts, self-executing agreements embedded within the blockchain, hold promise of automating banking processes and improving operational efficiency. However, widespread adoption faces regulatory challenges and the need for industry-wide collaboration and standardization. This paper provides an overview of blockchain's impact on banking highlighting its advantages, challenges, and potential for reshaping the future of financial services.