Apparent Advantages and Negative Facet of Block Chain in Banking Sector: An Innovative Theoretical Perspective

Banking companies work under extreme competitive network in which both retail as well as corporate customers admires the best service against their money investment. Although there are various alternatives invented for finding systematic solution for the problem still there are many reasons to be concerned about. One of the solutions is Block chain technology that has actually come up with optimistic transformation and growth in banking sector. Block chain accounts can be used for availing banking services. Distributed ledger principle is basically followed in block chain technology introduced in the year 2009. These shared ledgers have multiple locations with banking companies, agents, brokers, underwriters etc. with same data which is also updated time to time. Block chain is competent in providing complete answerability, intelligibility with advanced safety. Still the banking institutions face many difficulties in implementing it and it become imperative for them to surpass theses difficulties in order to satisfy their customers. The present chapter is focused on describing the apparent advantages and negative consequences of block chain technology after amalgamating it with banking institutions. It is a theoretical perspective based on secondary information and will help in outlining the pros and cons of block chain technology with banking sector.