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Vol. 5, May  Issue 5 

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SURVEY ON BANKING SYSTEM USING BLOCKCHAIN TECHNOLOGY


Abstract

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

Keywords-Cyber security, Blockchain, Banking system, Cyber Attack,


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