Blockchain Implementation for Faster Accessing of Database of Banking Industry

Abstract

In today’s world, blockchain is one of the most significant innovations, especially in the banking sector. It has a wide range of applications across various sectors, with banking being one of the most prominent. Integration of blockchain in the banking infrastructure holds great potential, especially in the areas of payment settlement and credit information system. This adoption is essential in gaining control over cryptocurrencies, which will help in combating money laundering and terrorism financing worldwide. Blockchain is at the forefront of the technological revolution of our time. It stands out from the competition by transcending traditional data structures by preserving transactional records while maintaining the principles of security, transparency and decentralization. Every transaction has its own unique digital signature, making the ledger immutable and inviolable. This tamper resistant framework ensures the integrity of records and strengthens blockchain as a reliable foundation for smooth, secure and efficient transactions. In the banking sector, blockchain’s potential is particularly promising.

The rapid growth of blockchain technology began with the launch and rapid growth of the revolutionary cryptocurrency Bitcoin. Today, the banking sector faces a wide range of challenges, and some of these challenges can be directly addressed through the use of blockchain. In this paper, we look at the possibility of carrying out transactions across a secure blockchain network, eliminating the need for third-party intermediaries. We also look at the complex ways blockchain strengthens the security architecture of the banking industry.