Innovations have significantly altered the structure of the banking process, and technology and banking are inextricably linked. Blockchain technology (BCT) is a disruptive development in the global financial sector that has revolutionized the banking sector by replacing traditional barter systems with the introduction of money and digital signatures. The chapter aims to give a general overview of blockchain technology, highlighting its advantages and possibilities in the Indian banking industry. Since receiving constant encouragement and guidelines from the IMF to adopt blockchain technology, 15 Indian banks have banded together to establish the blockchain technology used by the Indian Banks Blockchain Infrastructure Co. Pvt Ltd. (IBBIC) business that handles transactions and digitizes the financial system. The study's results indicate that blockchain will eventually play a pivotal role in revolutionizing the Indian banking sector by improving the speed, safety, transparency, and effectiveness of banking transactions.
Top1. Introduction
Technology is critical in providing the best quality services to make our lives easy and cost-effective. So, Customer satisfaction gives a better solution for improving the services with innovations and strategies, and ultimately, the industry in which new technology is being implemented will get better results in terms of productivity, performance, market value, etc., and will also remove the barriers of uncertainties.
Technology development has undergone several promising iterations of improvement for better results when it is put into practice. Earlier, there were many contributions by AI experts. For the last 30 years, the world has not even thought about what computers are, and for the previous 10 years, people have not been able to buy a plane ticket or book an Ola/Uber via phone. So, the last ten years have brought countless life-changing innovations (Darina L., 2022).
This evolution has given us cheaper, smaller technology with faster processing and computation and more memory. Like how quickly touch screen technology has developed, tiny and accessible digital devices have made life easier for everyone worldwide.
Technologies that have been developed over the last ten years-
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Smartphones- According to recent studies, around 90% of people have smartphones within reach 100% of the time. Every individual has a smartphone, even in rural areas. This is the most common technology that has been increasing fast nowadays (Darina L., 2022).
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Social Networking- The first social networking site was Facebook, which was very popular worldwide. Around 1.1 billion users are there in total on Facebook. Twitter has also become very popular, with 190 million unique visitors monthly and 550 million accounts. Communication between people worldwide has changed and transformed the old world into the new one (Darina L., 2022).
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IoT- Around 3rd of the world’s population can access information online within seconds. The Internet provides incredible online shopping, banking services, and instant communication. IoT (Internet of Things) is the facility that, shortly, the world will see itself as the automatic world (Darina L., 2022).
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E-Commerce- Buying and selling things have become so easy and quick that in one click, the world can purchase or sell anything in a second. Online shopping sites like Amazon, Myntra, Flipkart, etc, have made every individual's life easy and time-saving (Darina L., 2022).
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Wearable Technology- The best example of this technology is the smartwatch, which can perform straightforward tasks such as calculations, translations, games, etc. This technology has also made the life of an individual somewhat easy (Darina L., 2022).
The world has changed significantly in the last ten years, and technological advancement has always made our lives easy and quick in social networking, E-Commerce services, Research, etc. Apart from these technologies, blockchain technology has become very famous in the last two years. Every individual, finance sector, government, RBI, and bank adopts this facility.
Stuart Haber and W. Scott Stornetta, two research scientists, created the idea for blockchain technology in 1991. They want to design a workable solution to get the most excellent answer for outdated and damaged papers. To do this, they each created a system using cryptography. In cryptography, a chain of blocks is used to store all information and data.
Alternatively, to put it another way, “This technology is utilized in such use cases when there is a requirement to conduct transactions without the involvement of a third party dubbed “central authority.”(Garg et al., 2021)
If we look into the deep meaning of BLOCKCHAIN, it can be best defined as
Dividing the word as “the blocks, which means the digital data, and the chain, which means all the digital data are interconnected like a chain.”
Bitcoin is a cryptocurrency that uses blockchain technology to conduct financial transactions using digital currency.