Blockchain Applications in Banking Industry: A Mini-Review

Abstract

Briefly, Block-chain technology is a technology in which digital information is stored in a public shared data-base. This technology got famous mainly after introducing the first cryptocurrency which is the Bitcoin. The bitcoin uses this technology in keep tracking the records securely. First, this paper will give a brief idea about blockchain generally and show how it works. Then, it will discuss some general applications of blockchain. In addition to making a mini-review of this technology generally and especially in the banking industry. Like other services and products, which have been completely changed because of “digitalization and technology”, such as; shopping, ordering and delivering food, movies and TV industry, navigation services… etc. Blockchain can completely change and transform the banking services because it has High security, high transaction transparency, decentralized system and can achieve transactions more efficiently. In addition, the correlation between blockchain technology, Fin-Techs and sustainability will be discussed. Finally, the expected future and the challenges of accepting and implementing blockchain technology in the financial industry and services will be discussed.