A Short Review of Blockchain Technology in the Banking and Financial Sectors

Abstract

Banking is the core sector of a country's economic growth, providing credit, security, and infrastructure. However, the traditional methods must be revised to protect banking and financial data. Additionally, the conventional business landscape is only suitable for some digital transactions. In this case, blockchain technology offers essential features such as security, decentralization, replication, distributed ledger, authentication, and disruption to the banking and finance sectors. Thus, the present study consists of a short review, detects, and studies relevant research in blockchain and finance sectors. In addition, this review emphasizes blockchain technology used in the banking and financial sectors. Firstly, the present study focuses on the brief of Blockchain with its working architecture. Subsequently, the present paper highlights the significant benefits and applications of Blockchain in the banking and financial sectors. Finally, we identify and evaluate blockchain technology's notable challenges, needs, and solutions. This review can be helpful in future blockchain research needed in the banking and financial sectors.