Disruption and Opportunities for using Blockchain in banking sector
Blockchain in banking sector of Nepal
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In today's generation, Blockchain has become a new buzzword for various industries, particularly banking. It originates from its design, where, separate records named blocks are connected together in a specific list known as chain. Blockchains can be used for cryptocurrency transaction records like Bitcoin, Ethereum, and Litecoin etc. It is known as a virtual transaction records. Blockchain has shown its potential for transforming traditional industry with its key characteristics: decentralization, persistency, anonymity and auditability. Blockchain is a distributed, encoded storage and data h...
In today's generation, Blockchain has become a new buzzword for various industries, particularly banking. It originates from its design, where, separate records named blocks are connected together in a specific list known as chain. Blockchains can be used for cryptocurrency transaction records like Bitcoin, Ethereum, and Litecoin etc. It is known as a virtual transaction records. Blockchain has shown its potential for transforming traditional industry with its key characteristics: decentralization, persistency, anonymity and auditability. Blockchain is a distributed, encoded storage and data handling technology, which is, a technology of robust decentralized storage of reliable data. The development of this advanced technology is quite intense. The Blockchain Company of Nepal was discovered in October 13, 2016. In this research, the opportunities of blockchain in the context of banking sector of Nepal is evaluated. The use of the blockchain in the banking sector of Nepal is recommended with the evaluation of possible benefits of blockchain adoption. A proper planning is required in order to implement blockchain in the context of banking sector in Nepal.
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