Abstract
Blockchain technology has grown in prominence after the introduction of cryptocurrencies. The appeal of cryptocurrencies is undeniably based on the legitimacy of the same, which is ensured by blockchain technology. Blockchain technology is extremely common due to three main characteristics. The first is decentralization, which means that there is no central authority or single point of failure that can be used to bring the system down so each node is self-contained. The second feature is immutability, which prevents false entries. Third, since any entry must be checked by all nodes in the scheme, it allows for openness. If no consensus is reached, the submission is denied. The use of blockchain technologies has expanded across a wide range of sectors. Banking is one sector that is going to be greatly affected by blockchain technologies. It facilitates the transfer of large sums of money while still posing significant security risks. As a result, blockchain technology makes it simple to fix these two issues. Blockchain technologies can be used to automate several operations in the banking industry. This paper aims to describe such processes and demonstrate how blockchain technology can be used in various areas of the banking industry.
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