Incorporate Blockchain Technology into Online Banking

This paper provides an overview of the current banking system, as well as its benefits and drawbacks. It recommends that this system be updated with new technology (blockchain technology). Blockchain is capable of transforming the banking sector and can have a significant impact in the next few decades. It can change the way we see and use different banking services and redefine our economy. There are very few studies that look at the applications of blockchain technology in other sectors. It has applications in industrial management systems, financial services, and administration. Therefore, this paper aims to evaluate the advantages and drawbacks of using blockchain technology in online banking both now and in the future. It discusses the benefits and drawbacks of implementing blockchain in the banking industry. It also illuminates areas where blockchain is already being used as a foundation for the future. This paper also informs the reader about blockchain technology, including what it is, how it works, and how it might benefit a variety of banking sectors like accounts, keeping a record of transactions, etc.