IMPLEMENTATION OF BLOCKCHAIN IN FINANCIAL SECTOR TO IMPROVE SCALABILITY

Abstract

The Blockchain is an encrypted database that stores information statistics, or in
different words, it is a virtual ledger of any transactions, contracts - that needs to be
independently recorded. One of the key capabilities of Blockchain is that this virtual
ledger is out there throughout several masses and heaps of computer and isn't always
sure to be stored in a single place. Blockchain chain has already commenced
disrupting the financial offerings area, and it's far this technology which underpins the
virtual currency- bitcoin transaction. The aim of the paper is to conduct research on
the effect of blockchain technology on the financial sector. There is no doubt that the
world is curious to see how this promising technology will influence or shape the
future of banking. Blockchain enhances safety in data storage and transmutation,
avails a decentralized and transparent network infrastructure and significantly reduces
the costs in operations. These remarkable attributes make blockchain a very promising
and in-demand solution even in an industry as restricted as the banking sector.