Research on Blockchain Technology and its Potential Impact on Banking

Rakshita Parmar and Ojashwi Anand's paper investigates how blockchain technology can affect the Indian banking industry. With a focus on transaction speed, fraud prevention, KYC compliance, and financial inclusion, the study problem aims to comprehend how blockchain might improve the effectiveness, security, and accessibility of banking services. To learn more about their knowledge of blockchain, perceived advantages, and adoption hurdles, a survey was given to banking staff, clients, and industry experts. Key findings reveal that while blockchain holds significant promise for improving banking operations, its adoption is slowed by challenges such as regulatory uncertainty, security concerns, and a lack of technical expertise. Respondents highlighted blockchain?s potential to reduce costs, enhance transparency, and build customer trust. However, concerns regarding data privacy and the initial investment required for implementation remain prevalent. Blockchain has the potential to revolutionize Indian banking, especially in terms of enhancing financial inclusion for marginalized groups, according to the study's findings. However, for successfu l adoption, a supportive regulatory environment, increased awareness, and collaboration with fintech companies are necessary. The findings suggest that Indian banks should invest in blockchain infrastructure and technical expertise to unlock its full potential and foster a more secure, efficient, and inclusive banking ecosystem.