Blockchain Technology: Application In Indian Banking Sector

Blockchain Technology: Application In Indian Banking Sector Abstract: Banking and technology are very closely associated and innovations have changed banking drastically over the period of time. The digital innovations in the banking sector started with the introduction of money that replaced the barter system and then the gradual replacement of wax seal with digital signatures. One such disruptive innovation which is changing the banking sector globally is Blockchain Technology (BCT). Blockchain are shared distributed ledger which stores business transaction to a permanent unbreakable chain which can be viewed by the parties in a transaction. Blockchain technology has the potential to disrupt the financial business applications as it provides permanent and tamper proof recording of transactions in a distributed network. It can be widely applied in digital currency, trade finance, KYC and cross border remittances, etc. Although the potential of blockchain is enormous, i...