Abstract:
The banking sector is arguably the most important sector of any country. While all other losses
from different sectors can be compensated, normally the losses in the banking sector are so
high that it devastates the country’s economy. Now, there are many reasons behind the
losses of the banking sector, ranging from transparency issues, inefficiency issues to maintenance issues. All these issues make the banking sector vulnerable to the attacks of
criminals. As a result, we have seen different crimes happening in banking sector such as
money laundering, cyber-attacks etc. The biggest worry is that these crimes make really
big losses in the country’s economy. As a result, to make the banking sector resilient
against such things, blockchain technology is a potential solution. Blockchain technology
offers a very secure method for transactions. The combined use of smart contract &
blockchain makes it really hard for cyber attackers to penetrate into the system. It also
allows a better monitoring system for the banking authority. As a result, the total
maintenance system becomes easy. It also provides the system with other benefits like cost
reduction & time waste reduction. In this writing, We will try to build such a blockchain-based banking sector which will have all the tools to replace the current banking sector.
