Human error is one of the biggest reasons behind data breaches and banking and insurance organizations are making their transactions tamper-proof and less susceptible to interceptions by significantly removing this factor. Blockchain is becoming synonymous with every industry vertically and is sweeping the globe as it integrates with essential business operations. Blockchain Technology is fully decentralized and uses a ledger-based system to record data and process transactions using multiple computers over networks. The best part about blockchain is that one can put any digital asset onto the chain and initiate a transaction. Unlike traditional Banking Systems, the data will always stay secure, and no intermediaries will be involved. This Article explores how the Banking, Insurance, and other Financial Services industries are exploring various applications of blockchain, their benefits, Cybersecurity implications, and what lies ahead.
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Prof. A. Suryanarayana (2024) studied this question.
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