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To Study and Analyze Impact of Block Chain Technology in Banking & Finance Sector

Author(s):

Vijayashri Machindra Gurme , MIT School of Management

Keywords:

Block Chain Technology, Banking & Finance Sector

Abstract

The 21st century has seen a drastic change in the technology. With the increased need in technology in our day-to-day lives, Customer or people stared adapting to the new change in the technologies. From using a remote for controlling digital devices to using voice notes for giving commands; modern technology has made space in our regular lives. Technologies like augmented reality and Internet of Technology that have gained pace in the past decade and now there’s a new addition to the pack i.e. Blockchain Technology. A blockchain is a chain of blocks that contain information or data. Despite being discovered earlier, the first successful and popular application of the Blockchain technology came in the year 2009 by Satoshi Nakamoto. Satoshi Nakamoto is created the first digital cryptocurrency called Bitcoin through the use of Blockchain technology. Each block in a blockchain network stores some information or data along with the hash of its previous block. A hash is a unique mathematical code which belongs to a specific block of information or data. If the information or data inside the block is modified, the hash of the block will be subject to modification too. The connection of blocks through unique hash keys is what makes blockchain safer and secure.

Other Details

Paper ID: IJSRDV7I70018
Published in: Volume : 7, Issue : 7
Publication Date: 01/10/2019
Page(s): 23-25

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