• Dr. K. Balasubramanian

Organizations that provide monetary services may benefit from using blockchain technology since it helps with verification. Many businesses remain accepting block chain technology in the direction of increase efficiency and transparency, provide new revenue streams, and facilitate the creation of smart contracts between market players. The conventional clearing and settlement procedure is rendered obsolete by blockchain technology. Blockchain's ability to keep records is unparalleled. Financial institutions, such as banks, are adopting IDs embedded with blockchain technology as a first step in the consumer identification process. It's important to address issues related to both the process of transferring ownership of assets and the keeping of an accurate financial ledger. First, you'll need to take care of the paperwork involved in changing who owns what. Financial information measurement, financial information transmission, and financial information analysis are three areas where accountants must place special attention. According to financial experts, blockchain's distributed ledger structure makes it simple to identify asset owners and assign responsibilities. It also has the potential to boost productivity as a whole. A variety of Blockchain-based financial services, as well as associated tools, techniques, and features, are discussed below. A customer's financial well-being might be profoundly affected by the details included in their credit report. Conventional server-based credit reporting does not provide nearly as much security as blockchain-based credit reporting, as recent data breaches have revealed. Because of their malleability, digital financial products may be tailored to meet the specific needs of investors, issuers, and risk managers, all of which contribute to the growth of the investor market. That's because everyone on the network can trust in the same set of standards, protocols, and practices that have been established via collaboration. Corporate network users may now communicate with one another more quickly, better manage their data, and reach consensus on the usage of this technology as a whole.

Banking Transaction Blockchain, Customer, Finance

"A Survey and Analysis of Blockchain's Potential Financial Service Applications", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.10, Issue 11, page no.c99-c109, November-2023, Available :http://www.jetir.org/papers/JETIR2311215.pdf

"A Survey and Analysis of Blockchain's Potential Financial Service Applications", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.10, Issue 11, page no. ppc99-c109, November-2023, Available at : http://www.jetir.org/papers/JETIR2311215.pdf