Blockchain in Banking Sector

Authors

  • Nishant Shivaji Bangar  Department of Computer Engineering, Zeal College of Engineering and Research, Pune, Maharashtra, India
  • Wagh Gajanan Rajaram  Department of Computer Engineering, Zeal College of Engineering and Research, Pune, Maharashtra, India
  • Rashmi Ashtagi  Department of Computer Engineering, Zeal College of Engineering and Research, Pune, Maharashtra, India

Keywords:

blockchain, DLT, decentralization, virtual ledger

Abstract

The Blockchain is an encrypted database that stores information statistics, or in different words, it is a virtual ledger of any transactions, contracts - that needs to be independently recorded. One of the key capabilities of Blockchain is that this virtual ledger is out there throughout several masses and heaps of computer and isn’t always sure to be stored in a single place. Blockchain has already commenced disrupting the financial offerings area, and it’s far this technology which underpins the virtual currency- bitcoin transaction. The aim is to conduct research on the effect of blockchain technology on the financial sector. There is no doubt that the world is curious to see how this promising technology will influence or shape the future of banking. Blockchain enhances safety in data storage and transmutation, avails a decentralized and transparent network infrastructure and significantly reduces the costs in operations. These remarkable attributes make blockchain a very promising and in-demand solution even in an industry as restricted as the banking sector

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International Journal of Scientific Research in Science and Technology

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Published

2022-02-25

Issue

Volume 9, Issue 1, January-February-2022

Section

Research Articles

License

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This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite

[1]
Nishant Shivaji Bangar, Wagh Gajanan Rajaram, Rashmi Ashtagi "Blockchain in Banking Sector" International Journal of Scientific Research in Science and Technology(IJSRST), Online ISSN : 2395-602X, Print ISSN : 2395-6011,Volume 9, Issue 1, pp.427-431, January-February-2022.