Decentralised Blockchain Technology: Application in Banking Sector

Abstract

With ever-evolving technologies, the banking systems can update from their traditional methodologies to a digital, immutable, distributed ledger that can be implemented via Blockchain. Blockchain Technology is a distributed peer to peer linked structure which can solve the problem of maintaining and recording transactions in a banking system. Blockchain provides properties like transparency, robustness, auditability, and security. This paper aims at giving these functionalities in a distributed banking system using blockchain, which will be at par with the current methodologies. It will also focus on the limitations while implementing blockchain and future scope.