UGC Approved Journal no 63975

ISSN: 2349-5162 | ESTD Year : 2014
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Published in:

Volume 6 Issue 2
February-2019
eISSN: 2349-5162

UGC and ISSN approved 7.95 impact factor UGC Approved Journal no 63975

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Published Paper ID:
JETIRY006074


Registration ID:
196297

Page Number

395-398

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Title

IMPLEMENTATION OF BLOCKCHAIN TECHNOLOGY IN INDIAN FINANCIAL SECTOR

Abstract

Technological innovations witnessed by the financial sector during the recent past have changed the way business needs to be conducted. IT has introduced new business paradigms and is increasingly playing a significant role in improving the services in the financial sector. One such technological change is the blockchain technology which is though in the initial stage of implementation, yet is gaining lot of popularity. Technology is changing time and again and the reason for this technology to emerge is to overcome the problems that have been encountered by the existing technologies. In this article a case study has been used to conduct the research and understand what the future of blockchain technology can be in India.The paper aims to explore and understand how the implementation of blockchain technology in the financial industry will bring in a change in the financial sector.A blockchain is a digitized, decentralized, public ledger of all cryotocyrrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order; it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically. It is more cost effective, efficient and faster than the existing technologies being used. In india ICICI Bank is the first bank to use this particular technology. In this article few examples from other countries using blockchan in used apart from India’s ICICI Bank. The conculsion suggests that it will take around 5 years for blockchain technology to completely replace the existing technologies in financial sectors.

Key Words

Block chain Technology, digital Ledger, Finance Sector, Banking

Cite This Article

"IMPLEMENTATION OF BLOCKCHAIN TECHNOLOGY IN INDIAN FINANCIAL SECTOR", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 2, page no.395-398, February-2019, Available :http://www.jetir.org/papers/JETIRY006074.pdf

ISSN


2349-5162 | Impact Factor 7.95 Calculate by Google Scholar

An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 7.95 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator

Cite This Article

"IMPLEMENTATION OF BLOCKCHAIN TECHNOLOGY IN INDIAN FINANCIAL SECTOR", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 2, page no. pp395-398, February-2019, Available at : http://www.jetir.org/papers/JETIRY006074.pdf

Publication Details

Published Paper ID: JETIRY006074
Registration ID: 196297
Published In: Volume 6 | Issue 2 | Year February-2019
DOI (Digital Object Identifier):
Page No: 395-398
Country: -, -, - .
Area: Engineering
ISSN Number: 2349-5162


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