Digital Currency and Blockchain Technology in the Financial World

Abstract

A distributed ledger, called blockchain, keeps track of every detail about a digital asset. Using this technology, users can utilize the benefits of digital currency. Digital currency has a massive effect on the banking sector. It would be wise to be informed of the technologies that might seriously disrupt the Indian banking sector's operations because it plays a crucial part in the economy and contributes considerably to the nation's gross domestic product. The introduction of this technology in the banking industry significantly reduces fraud resulting from mistakes and identity theft. The specifics of blockchain technology and how it affects the Indian banking industry are discussed in this chapter. It also provides details about various types of digital currency, highlighting their advantages and disadvantages. Much emphasis will be on the importance of blockchain technologies in the future of digital currency. The research's conclusions were strengthened and condensed using SWOT analysis.