Blockchain technology and banking industry

Abstract

Blockchain is one of the key technologies in the fourth technological revolution, providing users with a transparent, accessible, easily verified data system, eliminating unnecessary costs, maintaining the integrity, efficiency as well as enhancing the level of trust and security. The appearance of Blockchain has brought many benefits and enhanced security for the bank. Blockchain technology is still in its infancy, meaning that the scope of Blockchain's application may not be fully explored. The objective of this paper is to clarify what Blockchain is, analyze its activity, discuss some of the uses in the banking industry, its challenges, and make conclusions