Reliability in Blockchain Technology for Financial Services in the Indian Fintech Sector
- Authors: Khushwant Singh1, Mohit Yadav2, Yudhvir Singh3, Dheerdhwaj Barak4
-
View Affiliations Hide Affiliations1 Department of Computer Science & Engineering, University Institute of Engineering and Technology, Maharshi Dayanand University, Rohtak, India 2 Department of Mathematics, University Institute of Sciences, Chandigarh University, Mohali, India 3 Department of Computer Science & Engineering, University Institute of Engineering and Technology, Maharshi Dayanand University, Rohtak, India 4 Department of Computer Science & Engineering, Vaish College of Engineering, Rohtak, India
- Source: Cutting-Edge Solutions for Advancing Sustainable Development: Exploring Technological Horizons for Sustainability - Part 2 , pp 190-212
- Publication Date: April 2025
- Language: English
Reliability in Blockchain Technology for Financial Services in the Indian Fintech Sector, Page 1 of 1
< Previous page | Next page > /docserver/preview/fulltext/9789815322408/chapter-11-1.gif
The term "Fintech" (Financial Technology) points out software and other spearheading technologies adopted by different organizations to automate and enhance financial services. It refers to the technology that improves the backend system at traditional financial institutions. In FY22, $8.53 billion was invested in India's Fintech industry. It has been anticipated that the FinTech industry will generate around $200 billion in revenue by the year 2030, and overall throughput will be $1 trillion. Fintech is expanding quickly, yet there are several problems in the current fintech market, including interacting with legacy systems like banks, data and payment security, compliance, lack of end-user awareness, retaining users, and user experience. Due to the development of fintech, more data is now accessible in digital formats, which facilitates analysis and the generation of insights but also increases the risk of security breaches. Blockchain is a disruptive technology using which one can securely move money from one account to another without using a bank or any financial organization. The term "distributed ledger technology" is often used interchangeably with "blockchain technology" in the financial services corporation. Each transaction has a trustworthy record, thus there is no chance of changing to earlier ones. In essence, blockchain technology can completely ensure the accuracy of every transaction. In this study, the problems facing India's fintech industry are described in detail, and possible solutions employing blockchain distributed ledger technology are suggested. Additionally, it finds blockchain technology has the ability to enhance the security and competence of financial operations in the Indian fintech sector; there are challenges such as regulatory uncertainty and scalability that require to be addressed. The paper concludes with recommendations for the upcoming development and adoption of blockchain technology in the Indian fintech sector.
-
From This Site
/content/books/9789815322408.chapter-11dcterms_subject,pub_keyword-contentType:Journal -contentType:Figure -contentType:Table -contentType:SupplementaryData105
