Paper Details

Background: Blockchain' is one of the most anticipated Information Technology (IT) buzzwords and one of the most significant technological breakthroughs established in recent years. The purpose of the study is to analyze the potential impact, challenges, and opportunities of blockchain in the future in the field of banking. Decentralization, autonomy, integrity, immutability, verification, fault-tolerance, anonymity, auditability, and transparency are desired characteristics of blockchain technology. Any existing centralized transaction-based system with important information can be broken using blockchain technology. Methods: A survey method was used to gather data for this study, utilizing a non-experimental quantitative research methodology. Findings: Improved business efficiency, identifying new ways of automating business processes among partners, and stronger working relationships with partners were highlighted as key findings. Interpretation: To guide future research on this subject and motivate bankers to benefit from new financial technologies applied to different bank business lines, we shed light on the new challenges faced by bankers and look into the potential impact and opportunities of blockchain in banking.

Blockchain Technology, Banking