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Reshaping Banking through Blockchain: Exploring the Future of Financial Transactions
  • Bheema Shanker Neyigapula
Bheema Shanker Neyigapula
Jawaharlal Nehru Technological University Hyderabad College of Engineering

Corresponding Author:[email protected]

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Abstract

Blockchain technology has emerged as a transformative force, promising to reshape traditional banking and revolutionize financial transactions. This research paper explores the future of financial transactions through the lens of blockchain in the banking sector. The study begins with an analysis of the historical background of banking and the emergence of blockchain technology, followed by an in-depth literature review on the characteristics of blockchain, its benefits, and the challenges it poses to the financial industry. Through case studies of successful blockchain adoption in banking, this research identifies best practices and lessons learned, shedding light on the potential disruptive impact of blockchain in the financial sector. The paper further examines the challenges and barriers hindering widespread blockchain adoption and presents strategies for banks and financial institutions to successfully integrate blockchain technology. Finally, the research outlines opportunities, future outlook, and potential collaboration between banks and fintech companies in a blockchain-enabled world, offering valuable insights to stakeholders seeking to navigate the transformative landscape of financial transactions.