A Comparative Study on Blockchain Based Banking Sector

Abstract

The banking sector is arguably the most important sector of any country. While all other losses from different sectors can be compensated, normally the losses in the banking sector are so high that it devastates the country’s economy. Now, there are many reasons behind the losses of the banking sector, ranging from transparency issues, inefficiency issues to maintenance issues. All these issues make the banking sector vulnerable to the attacks of criminals. As a result, we have seen different crimes happening in banking sector such as money laundering, cyber-attacks etc. The biggest worry is that these crimes make really big losses in the country’s economy. As a result, to make the banking sector resilient against such things, blockchain technology is a potential solution. Blockchain technology offers a very secure method for transactions. The combined use of smart contract & blockchain makes it really hard for cyber attackers to penetrate into the system. It also allows a better monitoring system for the banking authority. As a result, the total maintenance system becomes easy. It also provides the system with other benefits like cost reduction & time waste reduction. In this writing, We will try to build such a blockchain-based banking sector which will have all the tools to replace the current banking sector.