The Impact of Blockchain Technology on the Banking Sector

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Blockchain technology is primarily an internet-based technology that exhibits significant potential to bring about transformative advancements across various domains. This technology has the potential to completely revolutionise the banking business and its services. Therefore, the chapter aimed to elucidate the utilisation of Blockchain (BC) inside the financial services and how it Impacts on the banking sector. The potential outcomes of this development encompass enhanced efficacy, heightened security, and increased openness within the financial system. Moreover, there exists the possibility of the emergence of novel applications of blockchain-based technologies, which might potentially lead to a paradigm shift in our conceptualization of finance and economics. The authors explore how advancements in technology will impact transaction processes within the global banking system. Specifically, they investigate the integration of these digital currencies into existing transaction systems, highlighting the role of technologies like blockchain in enhancing the efficiency and effectiveness of the global banking system. This integration aims to achieve a fully decentralised, distributed, transparent, fast, immutable, and efficient banking system.