Abstract
The blockchain protocol and technologies function as an independent, collaborative distributed computing system. These two principles facilitate the creation of an appropriate atmosphere and let individuals to perform operations, shrinks, and data, therefore creating trust among them. This study aims to investigate the difficulties faced by the financial sector through the application of blockchain technology. This report offers a comprehensive examination of blockchain technology and assesses the significant problems and obstacles encountered in the financial industry as a result of using blockchain technology. The prior system is often seen as being burdensome, vulnerable to errors, sluggish, and hazardous. In comparison, consumers view the blockchain as a more cost-effective, clear, and efficient alternative. Blockchain technology offers the banking industry more security, improved efficiency, and reduced costs in many procedures, ultimately leading to higher-quality products and services for consumers.
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