Blockchain Technology and Its Applications in Banking

Abstract

Blockchain technology has emerged as a transformative force within the banking sector. It promises to enhance the transparency, security, and efficiency of banking operations by offering a decentralized ledger system. This paper explores the potential applications of blockchain technology in banking, focusing on key areas such as payments, regulatory compliance, fraud prevention, and cross-border transactions. The study aims to investigate how blockchain can reshape the future of banking, providing a comprehensive analysis of its benefits, challenges, and long-term impact.