Challenges in Implementing Blockchain Technology in Banking Sector

Abstract

This research paper investigates the applications of blockchain technology for the banking industry as well as the problems that are facing the adoption of the technology. Interviews with industry experts who possess both expertise and experience relating to this subject were carried out. In order to acquire a more in-depth comprehension of the applications of blockchain technology in the banking industry, the findings from the interviews were afterwards compared with the study literature. The absence of regulations pertaining to this technology and problems with its scalability have been identified as two of the most significant obstacles.  The purpose of this descriptive study is to investigate the potential effects that blockchain technology could have on the banking industry, along with its constraints and difficulties. This study offers a clear and concise overview of blockchain technology, as well as its underlying workings and how it might be used to the financial sector. In addition, the study investigates the issues that contemporary banks are dealing with, as well as the potential roles that blockchain technology could play in resolving those issues, as well as how banks are exploring and utilizing blockchain technology in their operations.