Transactions In Banking Sector Using BlockChain Technology

EasyChair Preprint 8129

Abstract

Blockchain technology provides another secure and inexpensive way to send payments that eliminates the need for third-party authentication and exceeds the normal bank transfer processing times. The structure of our financial infrastructure is closely linked to the fact that central bank transfers take three days to repair. It’s not just harassing the customer. Global money laundering is a major problem for banks. Basic money transfers today have to go through a complex network of intermediaries, from communication banks to asset storage services, before reaching any type of environment. Banking can be safer, more reliable, more efficient, more transparent, and more flexible thanks to blockchain technology. Due to security concerns, the bank is a very popular blockchain app. Banking institutions can use emerging technologies to promote faster payments and cheaper processing costs by providing a spatial distribution channel (e.g., crypto) for payments. Banks may bring a new level of service, bring new products to market, and eventually compete with new fintech startups by providing stronger security and lower billing costs.

Keyphrases: Auditable, Decentralized, Transparent, immutable, traceable

@booklet{EasyChair:8129,
  author    = {Manas Singh and Md Ausaf},
  title     = {Transactions In Banking Sector Using BlockChain Technology},
  howpublished = {EasyChair Preprint 8129},
  year      = {EasyChair, 2022}}