Leveraging Blockchain Technology in Financial Sector

Abstract

This research aims to shed light on blockchain technology in finance sectors and the significant problems that have arisen as a result of its widespread implementation in the financial sector. Compared to conventional systems, which are seen as expensive, opaque, and inefficient, blockchain is seen as more attractive by its users. When applied to the banking industry, blockchain technology improves the safety, speed, and efficiency of numerous procedures while also lowering costs and increasing service quality for customers. In spite of its innovative and hopeful nature, this technology is still relatively novel. Implementing blockchain technology in the banking and finance industry will speed up the processing of transactions, minimize the need for paperwork, and increase security. As a result, it can improve consumer experiences and encourage more secure financial dealings.