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The 21st Century is witnessing an unprecedented embrace of technology, with people increasingly open to adopting innovative modernization solutions. Among these, blockchain emerges as a revolutionary technology poised to make a significant impact on the market and various industries. In simple terms, blockchain is a secure data structure that stores transactional records, ensuring security, transparency, and decentralization. A digital signature, providing authenticity accompanies every TRANSACTION SETTLEMENT on a blockchain. The tamper-proof nature of blockchain data, achieved through encryption and digital signatures, sets the stage for its transformative potential.
To modify a record on a blockchain, multiple records within the distributed ledger must be altered, making it nearly impossible to change existing data. Blockchain facilitates secure and simplified transactions, presenting a promising technology already integrated into various domains. Particularly, it holds the potential to address challenges within the banking sector. The inception of blockchain gained prominence with the introduction of Bitcoin, the first cryptocurrency.
This paper explores the execution of TRANSACTION SETTLEMENT on a secure, blockchain-based network, aiming to eliminate the necessity of intermediary entities. Serving as a review-based exploration, it delves into the applications and opportunities of blockchain in the banking system. The objective is to provide a comprehensive review of blockchain’s potential applications and opportunities, emphasizing its role in ensuring a secure banking system. The paper begins with a review and analysis of related work by other authors in the same field. Subsequently, it introduces the working methodology of blockchain technology, accompanied by a detailed analysis. The primary achievement of this paper is to illustrate the functionality of blockchain and its utility within the banking industry.
Blockchain, Banking, Immutable Records, Distributed Ledger, Hash, Application
Blockchain, a technology generating substantial buzz in recent years, has become an indispensable part of discussions around contemporary technologies. Essentially, blockchain enables the storage of digital data in a public, shared database, comprising a series of immutable blocks. The application of these immutable blocks extends to various banking processes, promising a transformation towards a secure and efficient system characterized by complete transparency. Blockchain serves as the backbone technology for cryptocurrencies, notably Bitcoin.
The year 2018 witnessed the pervasive use of blockchain across diverse sectors, from gaming to banking and beyond. A pivotal moment for blockchain occurred in 2017, catapulting it into the spotlight. Today, it is ubiquitous, mentioned in various technological discussions. Its potential, once unknown to many, has become widely recognized. Across sectors, individuals are actively exploring ways to leverage blockchain to address challenges and enhance efficiency