Review Paper on Blockchain and its Applications in the Banking Sector Globally
Abstract
Blockchain technology has the potential to transform the banking sector by boosting transparency, lowering transaction costs, and strengthening security. This review paper investigates the present level of blockchain adoption in the banking industry as well as its future applications. The review begins by discussing the basics of blockchain technology and its characteristics, including decentralization, immutability, and security. The paper then explores the various ways in which blockchain technology is being utilized in the banking industry globally, including cross-border payments, trade finance, and identity verification. Finally, the paper discusses the challenges and opportunities that the adoption of blockchain technology presents for the banking sector and identifies areas for future research. Overall, this review paper concludes that blockchain technology has the potential to significantly transform the banking industry globally, but its success will depend on the ability of stakeholders to overcome challenges and fully leverage its benefits.
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