A Study on Role of Blockchain Know-how practice in Banking Sector

Abstract : The aim of the article is to describe the role of blockchain technology as a choice for improving the banking financial management's transparency and security. In this study, the qualitative method with the approach of literature study is employed to analyze a number of sources on the application of blockchain in the banking world both theoretically, policymaking, and practice-level. Blockchain, as a technology that is decentralized and facilitates secure and transparent transaction recording,has potential to revolutionize the way banks manage financial information and interact with other banks as well as customers. From a review of literature, the study identified that the primary advantages of blockchain are little risk of fraud, faster transactions, and superior data integrity. In addition to technical solutions, the work also addresses the challenges in the banking sector to utilize blockchain, including regulatory issues, technology infrastructure, and resistance to change by stakeholders. On the basis of exploration of various studies on blockchain implementation in leading banks, this article discusses how the technology can be utilized to improve public trust in the financial sector. The study concludes that, while the colossal challenges are still out there, blockchain has the potential to help significantly to improve security and transparency in finance management, hence adding value to improving the effectiveness and accountability of the banking system in the future.