Adoption of Blockchain Technology in the Banking Sector

Abstract

The blockchain technology in the banking sector is a decentralized ledger system and has been more commonly known by it being the basis of cryptocurrencies, such as Bitcoin. However, blockchain is to Bitcoin, as email is to internet; the possible areas of examination with the use of blockchain technology are gigantic. One of such areas is the banking sector, which has certain ambiguities, which needs to be spoken about proximately, such as the lack of distinct accountability, disorganization in deliverance on time, deficiency of transparency, and “too big to operate effectively” kind of attitude. This research work is based on the careful exploration, examination, and evaluation of the possible methods of applying blockchain technology in the banking sector.