Abstract
Since the time when liberalization was introduced, many changes have taken place in banking world. Although in India block chain technology is still at its initial stage, many of the banks are using this technology to make their tasks easier. However, block chain technology will offer remarkable progress in the area of banking as with the help of it; banks are able to provide quick, accurate, and quality service to their customers. With the inception of blockchain technology, the banking sector has transformed, as many of its processes have become transparent, safe, and efficient as well. Under blockchain technology, banking systems are basically based on one point data base, which has dispersed ledger for reducing cyber crimes. The present chapter tries to depict the same with the help of a descriptive analysis of increase in incentives, and also the inconvenience faced by banks in recent times after the introduction of block chain technology.
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