Block chain Technology is Changing the Security Aspect in the Banking Sector

Objective:The paper will discuss the basic concept of Block chain. Some background history and what exactly is the Block chain and how its networks and technology involved works. It will also focus on primary technologies evolved. By the end, the technical design and expected outcomes will be clearly understood.The paper would also be an attempt to review other research done in this domain. Method and statistical analysis:This study is based on secondary data analysis, various concepts, theories and models have been studied in order to study the objectives. Findings:Almost every third person or organization is either knows about it or using it. Block chain technology is able to address most of the issues related to Digital Transactions, Double Spending, and Currency Reproduction. All these mentioned issues have been taken care of by Block chain concept. In case of banking sector they have reached more and more customers by providing them the digital transaction option but in order to make the customer feel more secure, they are trying to make these platforms safer. The services are just not restricted to transactions but they are the best way of record keeping. It also helps in removing data centralization and thus it is efficient enough to protect sensitive data. Application/Improvements:Banking sectors are moving from their traditional methods of securities to the high-tech technologies. They have been working day in day out to provide a secure platform to their customers.Though the banks have not fully adopted the Block chain concept as they think putting the crucial detail on the block won’t be the smartest idea but they are some banks who have tried running some pilot project in order to accept the technology. This technology is expected to be the revolution in all aspects.