A REVIEW ON APPLICATIONS OF BLOCKCHAIN IN BANKING SECTORS

Abstract

In the banking and financial service domain, blockchain technology can make business process less complex while creating safe, trustworthy records of agreements and transactions. Public's huge support in Digital Ledger Technology & blockchain's decentralized control can shift user trust from humans to machines. Decentralized Finance will grow more & more so applying it to banking sectors might be very useful to get more people on board with this new technology. It also has the potential to solve traditional banking problems of lending money, trusting government & bank authorities etc. The time needed to process various tasks such as tax filing , insurance , bank transactions of large amounts will be heavily reduced. Crypto is our future & with the help of Smart Contracts , DAO , DeFietc we can flourish our banking sectors for the general public.