Editorial

Abstract

"Blockchain has gained significant importance due to its ability to make digitals transactions flow secure, transparent, and cost-efficient. By using blockchain technology in digital payments, transactions can be executed without the need for intermediaries such as banks, clearinghouses, or financial services providers. Earlier, before blockchain technology, the financial industry faced several challenges. One of the major issues was the lack of transparency and trust in transactions. Traditional banking systems rely on intermediaries such as banks or clearinghouses to facilitate and validate transactions. This often led to delays, high costs, and the potential for fraud. Additionally, the centralized nature of these systems makes them vulnerable to cyberattacks and data breaches. The global blockchain in financial services market size is expected to reach $23.6 billion by 2024. 65% of financial institutions are planning to implement blockchain technology by 2023. 54% of financial institutions believe that blockchain will have a significant impact on their bottom line. Blockchain technology has steadily evolved to become a disruptive force in the financial services industry,"