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Abstract
The 21st Century is all about technology. People are open to accepting new technologies as the need for modernization is increasing every single day. Blockchain is one of those new and revolutionary technologies that will have a significant impact on the market and industry. In simple terms, Blockchain is a data structure that stores transactional records, ensuring security, transparency, and decentralization. Additionally, every transaction on a blockchain is accompanied by a digital signature, providing irrefutable authenticity to the blockchain. Within a BLOCKCHAIN APPLICATION, the stored data attains tamper-proof status, remaining unalterable through the implementation of encryption and digital signatures.
To change a record on a blockchain, one needs to change several records, and one needs to change the distributed ledger. That’s why it’s quite impossible to change the data that has already been entered into a BLOCKCHAIN APPLICATION. The Blockchain is a technology that will allow transactions simply, safely, effectively, and also safely. This is a very promising technology. It’s already in a lot of places. It can also solve any problem in the banking sector. This technology gained fame upon the introduction of its first cryptocurrency, widely recognized as Bitcoin. Right now, there is a huge problem with banking, and the Blockchain can solve these problems. This paper will demonstrate transacting over a secure, blockchain-based network.
This paper is a review-based paper that provides the application and opportunities of the Blockchain in the banking system. The purpose of this paper is to provide a review of the application and opportunities of the Blockchain for a secure banking system. In this review investigation and analysis of this paper at the beginning, related work from other authors in the same fields has been discussed. Subsequently, we introduce the working method of Blockchain technology with a detailed analysis. Furthermore, we discuss the application of blockchain technology for ensuring secure banking The main achievement of this paper is to demonstrate how the Blockchain works and how it can be useful in the secure banking industry.
