Blockchain Technology Vis-à-Vis Financial Sector: A Contemporary Review & Policy Framework in Indian Context

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Blockchain Technology is an emerging technology in the areas of Information Technology field and applicable in the process of the keeping the records on business as well as other transactions. Blockchain Technology is enhancing financial and business sector rapidly. Blockchain is primarily known as a tool and gradually become a technology and even treated as a field of study as ‘Blockchain Technology’. Blockchain is perform only by the registered members with permission to cattle immediate, shared and completely transparent information. Changes of blockchain can be noted in tracking orders, payments, accounts, and production and here all the transaction details can be visible to end users time to time. The requirements of the blockchain in financial sectors is enhanced in the areas viz. financial transfer, added security systems, automation and data storage, digital identity verification, credit reporting and so on. Along with blockchain crypto currency is important form of emerging IT in financial sector. Worldwide there is a boom on blockchain Technology applications in different financial and business areas and in India too there are healthy potentialities of its implementation. However there are issues and concern of blockchain in financial systems and management. This chapter is about blockchain specially its nature, types, and opportunities available in the financial sectors emphasizing India. Chapter also illustrates about the challenges and issues of Blockchain Technologies in financial areas especially in Indian context.