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SURVEY ON BLOCK CHAIN BASED BANKING SYSTEM

Abstract

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 and more secure thus making the overall banking system faster and secure. [1]
KEYWORDS: Cyber security, Block chain, Banking system

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