Blockchain in the Banking Sector

Abstract

Financial institutions opting for blockchain technology raise controversy about how this new technology can disrupt the traditional banking sector. Many issues like a decentralized system with no middlemen and untrusted parties pose serious threats to the banking system. Hence, there is a serious need to do research on the impact of blockchain on financial institutions, especially in the banking sector, to understand the influence of blockchain as a disruptor and a technology that is revolutionizing the banking sector. The chapter will explain the concepts and role of blockchain in the banking domain. Secondly, the ongoing criticism of the blockchain as a disruptor in the banking domain is answered in this chapter. Third, the role of blockchain in the transformation of the banking sector is discussed by explaining the blockchain process in the key banking services.