ASSESSING BLOCK CHAIN’S ROLE IN ENHANCING EFFICIENCY, TRANSPARENCY, AND SECURITY IN INDIAN BANKING
DOI:
https://doi.org/10.53555/4qaz9085Keywords:
Blockchain Technology, Banking Sector, Financial Inclusion, Digital Transactions, Cyber securityAbstract
The financial world has been changed by blockchain technology, which improves security, openness, and speed. This research evaluates the block chain’s potential to change the Indian banking system, focusing on its ability to fix flaws, boost security, and help more people get access to money. Leading Indian banks like SBI, Punjab National Bank (PNB), ICICI Bank, HDFC Bank, Axis Bank, and foreign banks like HSBC and Citibank were looked at to see how they integrated blockchain technology., this research highlights real-world applications, operational benefits, and challenges faced in large-scale implementation. The study employs descriptive and exploratory research methodologies, utilizing primary and secondary data collection methods. Surveys, structured interviews, and case studies were conducted with banking professionals, fintech experts, and customers, while secondary data from regulatory reports, white papers, and blockchain implementations was analyzed. This study explores the impact, opportunities, and challenges of blockchain in banking, emphasizing its role in enhancing security and reliability. It highlights research gaps in blockchain adoption, regulatory implications, and financial reporting. Future research should focus on blockchain implementation in banking, regulatory frameworks, and its relevance in emerging economies.Key findings indicate that blockchain significantly enhances transaction security, fraud prevention, operational efficiency, and regulatory compliance in Indian banking. However, technological, regulatory, and infrastructural barriers remain critical challenges. The study emphasizes that in order to speed up adoption, scalable blockchain solutions, regulatory frameworks, and hybrid financial models are required. For blockchain technology to reach its full potential in banking, future studies should examine its scalability and interoperability.
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