Securing Blockchain in Banking: Cyber Threat Mitigation

With an emphasis on cross-border payments, this paper explores how blockchain technology might improve cyber-security and operational effectiveness in the banking industry. The decentralized and immutable characteristics of blockchain technology can safeguard transactions, lower fraud, and increase transparency, as demonstrated by a Hyperledger Fabric prototype. When compared to conventional systems, the results demonstrate notable gains in transaction speed, cost-effectiveness, and security. Issues like scalability and regulatory compliance are brought to light, highlighting the necessity for more study. Blockchain is regarded as a game-changing tool for rethinking banking trust and safeguarding financial ecosystems.