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Blockchain has become the latest buzzword and hottest technology in academics and the IT industry. Blockchain is a decentralized model that maintains data growing at a rapid pace. In 2008, Satoshi Nakamoto has introduced the concept of blockchain. With the development of bitcoin, blockchain concept became popular and is now considered one of the most impactful inventions of the last decade. It has the potential applications in different areas of study such as banks, education, healthcare, internet of things, cryptography, transportation, and so on. It is considered the future of next digital transformation after mainframe computer, personal computer, smart mobiles, and social networking. The main purpose of this chapter is to introduce the concept of blockchain technology, its few important applications in banking industry, and how it can be used to transform financial institutions. Some of the most important applications of blockchain-based banking are payment systems, loans, KYC, and so on.