Blockchain in Banking: Possible Use Cases and Benefits

Abstract

Abstract Whilst Blockchain has usually been associated with Web3 and cryptocurrencies, that is, Decentralized Finance (DeFi), this technology can be used in countless other areas, such as banking, Central Bank Digital Currencies ( cbdc s), healthcare, smart contracts, financial services, supply chain management, insurance, Internet of Things (IoTs), video games …, not much has been written about applying Blockchain technology to the traditional, Banking and Finance industry. This article will focus on how blockchain is or can be applied to the Banking industry, by analyzing a few possible use cases and its benefits, and, more importantly, it will also focus on whether it is worth it for the Banking industry to use it or not.