Bank record storage using blockchain
Author(s):
Sarthak Singh, Shivam Goyal, Shiwangi Tiwari, Tulika Gairola
Keywords:
Bank record storage using blockchain
Abstract
Financial service providers find blockchain technology useful to enhance authenticity, security, and risk management. Several institutions are adopting blockchain in trade and finance systems to build smart contracts between participants, improve efficiency and transparency, and open up newer revenue opportunities. Blockchain’s unique recording capabilities make the existing clearing and settlement process redundant. Banks and other financial entities are adopting blockchain-enabled IDs to identify people. Better results come from organisations’ capacity to foresee emerging trends in financial blockchain applications and develop blockchain functionality. The transfer of asset ownership and addressing the maintenance of a precise financial ledger. Measurement, communication, and analysis of financial information are three significant areas to be focussed on by accounting professionals. Blockchain clarifies asset ownership and the existence of obligations for accountants, and it has the potential to improve productivity. This paper identifies and studies relevant articles related to blockchain for finance. This paper focuses on Blockchain technology and its importance for financial services. Further takes up various tools, strategies, and featured services in Blockchain-based financial services. Finally, the paper identifies and evaluates the significant applications of Blockchain technology in financial services. Credit reports significantly impact the financial lives of customers. Recent data breaches demonstrate the superior security of blockchain-based credit reporting over conventional server-based reporting. Blockchainbased systems enable the faster, more cost-effective, and more customised issuance of digital securities. With its adoption, the market for investors can be expanded, costs for issuers can be reduced, and counterparty risk can be reduced due to the ability to customise digital financial instruments to the demands of investors. It uses mutualised standards, protocols, and shared procedures to give network users a single common source of truth. Participants in the business network can now more easily collaborate, manage data, and agree with this technology’s application.
Article Details
Unique Paper ID: 160261

Publication Volume & Issue: Volume 10, Issue 1

Page(s): 264 - 270
Article Preview & Download


Share This Article

Join our RMS



Conference Alert

NCSEM 2024

National Conference on Sustainable Engineering and Management - 2024

Last Date: 15th March 2024

Latest Publication

Call For Paper

Volume 11 Issue 1

Last Date for paper submitting for Latest Issue is 25 June 2024

About Us

IJIRT.org enables door in research by providing high quality research articles in open access market.

Send us any query related to your research on editor@ijirt.org

Social Media

Google Verified Reviews

Contact Details

Telephone:6351679790
Email: editor@ijirt.org
Website: ijirt.org

Policies

Important Links

Browse Rsearch papers