top of page

The Application Of Blockchain Technology In The Banking Industry




Mohak Kasat, Symbiosis Law School, Nagpur

Shruti Sharma, Symbiosis Law School, Nagpur

ABSTRACT

Recently there has been a rapid increase in the hype and interest around the blockchain technology. Professionals and experts have come together to discuss the possible application of this technology in various sectors such as health sector, finance sector, cybersecurity etc. According to the IBM Institute for Business Value (IBV) report experts forecast blockchain spending would surpass USD 16 billion by 20231. Banking sector is one such industry where the blockchain technology can be implemented. The reason being the need for high security, high transaction transparency in the sector. Banks are institutes which works on the principle of trust as they deal in the money of public. However, this technology has not been fully utilized by the banks due to various challenges present. This article will firstly discuss the mechanism of the blockchain technology, some important terminologies which are unique to the technology, the need for this technology then some cases in which this technology can be implemented by banking sector and lastly the limitations or the challenges present in the technology which makes it difficult for implementation without proper study.

Comentários


Indian Journal of Law and Legal Research

Abbreviation: IJLLR

ISSN: 2582-8878

Website: www.ijllr.com

Accessibility: Open Access

License: Creative Commons 4.0

Submit Manuscript: Click here

Open Access Logo

Licensing:

​All research articles published in The Indian Journal of Law and Legal Research are fully open access. i.e. immediately freely available to read, download and share. Articles are published under the terms of a Creative Commons license which permits use, distribution and reproduction in any medium, provided the original work is properly cited.

Disclaimer:

The opinions expressed in this publication are those of the authors. They do not purport to reflect the opinions or views of the IJLLR or its members. The designations employed in this publication and the presentation of material therein do not imply the expression of any opinion whatsoever on the part of the IJLLR.

bottom of page