EVALUATING THE TRANSFORMATIVE POTENTIAL OF BLOCKCHAIN TECHNOLOGY IN INDIA’S BANKING SECTOR: A SYSTEMATIC REVIEW
DOI:
https://doi.org/10.53555/eijbms.v11i1.217Keywords:
banking industry, blockchain technology, decentralizedAbstract
The banking sector in India is undergoing a rapid digital transformation, driven by the need for enhanced security, transparency, and efficiency in financial transactions. Blockchain technology, with its decentralized and immutable ledger system, offers a paradigm shift in how banking operations are conducted. This study explores the transformative potential of blockchain technology in India's banking sector, focusing on its applications, benefits, challenges, and future implications. By leveraging blockchain, banks can enhance transaction security, reduce fraud, streamline cross-border payments, and improve regulatory compliance through smart contracts and real-time auditing mechanisms. Furthermore, block chain’s capability to eliminate intermediaries reduces operational costs and accelerates transaction processing, making financial services more accessible and inclusive, particularly for the unbanked and under banked populations in India. This paper critically examines the role of blockchain technology in transforming the Indian banking system, its possible applications, challenges, and future prospects
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