Survey on Banking System using Block Chain Technology

Abstract

Increasing digital technology has revolutionized the life of people. The banking system in today’s world is open to threats of fraud and cyber-attacks. Since todays banking system is built on centralized databases, it is easy for an attacker to penetrate in any such database which will easily compromise all the information and data of the customers of the bank. This vulnerability of today’s banking system can be reduced by re-building the banking systems on top of block chain technology, which will remove the centralized database architecture and decentralize the data over the block chain, thus reducing the threat of database being hacked. Since the transactions over the block chain technology is verified by each and every nodes of the chain, it will make the transactions more secure thus making the overall banking system faster and secure.