Blockchain for Banking and Finance: A Survey

Abstract

Blockchain technology (BT) has emerged as a transformative effect in the banking and finance sector, promising increased efficiency, transparency, and security in financial transactions and services. This paper provides a detailed overview of the applications, challenges, and opportunities of blockchain technology in the banking and finance industry. We discuss about the fundamentals of blockchain, highlighting its key features such as decentralization, immutability, and smart contracts. This chapter provides various use cases of blockchain in banking, including cross-border payments, trade finance, and digital identity verification. We discuss the potential impact of blockchain on financial intermediaries, regulatory compliance, and risk management. While acknowledging the promising benefits of blockchain, we also discuss the challenges and limitations, such as scalability issues and regulatory issues, that must be addressed for widespread adoption. This work serves as a valuable resource for researchers, etc., can found valuable information of the transformative potential of BT.