Blockchain and Distributed Ledger Technologies for Secure Financial Transactions

Abstract

Transformative innovation of blockchain technology and distributed ledger technologies greatly impact secure financial transactions. This paper mainly discusses the importance of blockchain and distributed Ledger Technologies, and the principles behind these technologies to revolutionize the security and transparency of the financial industry. The risk factor in banking or any financial industry for transactions can be reduced by a decentralized transaction method and records, employing the cryptographic techniques involved in blockchain technology. This paper widely discusses the various applications of blockchain in finance, including cryptocurrency, smart contracts, digital tokens, and cross-border payments. Understanding all the merits and demerits of blockchain and DLTs, this paper will provide a clear understanding of using blockchain and DLTs for secure, efficient, and transparent financial transactions and how they can transform financial transactions in a digital economy.