Paper Key : IRJ************313
Author: Surendra Kumar Pandey
Date Published: 01 Feb 2025
Abstract
Securing efficient and transparent operations are of utmost priority to the Financial Banking sector. The core of applying Blockchain technology to modernize and strengthen up the security in banking industry lies in the decentralization, immutability, cryptography, and consensus. This paper analyzes the use of blockchain for different banking processes such as cross border payments, managing digital asset, and fraud detection. Further, we discuss how the advantages, challenges, and the findings of those that seek to implement blockchain for financial services. While security, trust, and cost optimization are promising advantages of blockchain in the banking domain, the widespread adoption of blockchain in the banking domain is still measured due to the barriers of regulatory, scalability and interoperability. Challenges associated with such secure and seamless transaction are explored in this paper and the possible research pathways identified with its potential application in future.
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