Blockchain Based Banking Transactions Enabled by Big Data
K. Balaji
Abstract
The blockchain system has emerged as an innovative approach in a variety of areas, including. finance, supply chain, healthcare, education, and energy consumption. Although its extensive application, yet, there is a scarcity of in-depth studies to provide a thorough knowledge of blockchain technological advancement in various domains. As a result, the purpose of this comprehensive survey of literature is to examine the content analysis of 41 pertinent research articles and company surveys released from 2008 and 2023 were taken in order to evaluate the current state of blockchain technology's applications in the banking and financial services industry. The analysis examines the blockchain system's aspects, applications in financing, competitive edge, present state, and problems. Because of various limitations, the investigation suggests that the adoption of a blockchain-based financial management systems continues to be in its early stages. In summary, this study sheds light on the possible features of blockchain research in the financial sector and emphasizes the need for. further research to explore the potential of blockchain in the finance industry. The investigation is able to identify three key domains that need more investigation in order to establish blockchain systems as a disruptive system which will revolutionize the banking and finance industries. In conclusion, this investigation throws a spotlight on the prospective aspects of blockchain technology investigation in the banking and financial services industry.