The barriers of Implementation block chain technology in the field of Banking Industry

Abstract

The purpose of a distributed ledger like a blockchain is to improve processes and create new business models for financial institutions by connecting blocks holding transaction details chronologically to construct chains. This study’s goal is to examine real-world situations. So that a picture of financial institution business model innovation may be created. Case study methodology was used because there aren't enough actual measurement data. ICT officers from significant banks were surveyed by the authors. The interview's goal was to gain insight into how blockchain works in connection to financial institutions' business models, as well as the implications and difficulties that this relationship presents.From the standpoint of banking institutions, the advent of Blockchain is not simply significant from a technological standpoint (it is the birth of a highly efficient database system), but it also has the potential to revolutionize consumer financial transaction patterns if the business models of current financial intermediaries are eliminated or diminished. For the purpose of this paper's research, it was found that the distributed feature of Cryptocurrency cannot be used while creating financial services.