Journal Press India^®

Author Details ( * ) denotes Corresponding author

Purpose: Banking and technology are very closely associated and innovations have changed the framework of banking process drastically. 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). The paper aims to provide an overview of Blockchain Technology with its benefits and emphasizing on the applications of the technology in the Indian Banking Sector. The paper gives the insight of various challenges and global perspective of Blockchain Technology in banking industry.

Design/Methodology/Approach: The paper presents a conceptual study of potential of Blockchain Technology in revolutionizing the existing financial business applications in India.

Findings: The study concludes that, Blockchain will evolve as a disruptive force in transforming Indian Banking Sector by making banking transactions more secure, faster, transparent, and cost effective.

Research Limitations: The authors have used secondary data for the current study. An empirical research can be undertaken in future to present the growth of Bitcoin Technology in India with respect to other developing countries.

Practical Implications: Study is based on Secondary data and an empirical research can be undertaken in future to present the growth of Blockchain Technology in India and abroad.

Originality/Value: The paper presents the original viewpoints of the authors.

Keywords

Applications, Banking, Blockchain, Bitcoin, Distributed Ledger Technology.

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