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.
