2022/06/08 by Rishav Kumar, Kumar, Rishav
Business, Management and Accounting · Computer Science · #Blockchain Technology Applications and Security #Cryptography and Security (cs.CR) #FOS: Computer and information sciences #FinTech, Crowdfunding, Digital Finance
paper · pdf · doi:10.48550/arxiv.2206.04141
openalex publication_date 2022/06/08 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/28
This paper highlights the necessity to use modern blockchain technology in traditional banking sector to reduce frauds and enable high-security transactions on a permanent blockchain ledger. Reviewing different channels through which the traditional banking servers could integrate blockchain use, it is signified how a huge anti-fraud stand can be taken against bank servers allowing fraudulent transactions daily. Usage of a blockchain-based ledger is highly impactful in terms of security of a banking organization. Blockchain-based currency tokens, also referred to as Cryptocurrencies are not regulated by the government, highly volatile, and anonymous to use. Furthermore, there is no security for any funds invested in a cryptocurrency market. However, the integration of a blockchain ledger in a traditional banking organization would strengthen the security to provide more stability and confidence to its customers and at the same time, make blockchain a more reliable method to consider due to being trusted by large financial organizations.