Application of Blockchain Technology in Enhancing Security and Efficiency in Online Banking Transactions

Thesis Abstract

Abstract
The rapid evolution of technology has significantly transformed the landscape of banking and finance, creating new opportunities and challenges. In this context, blockchain technology has emerged as a promising solution to enhance the security and efficiency of online banking transactions. This thesis investigates the application of blockchain technology in the banking sector, focusing on its potential to revolutionize the way transactions are conducted and secured. The introduction sets the stage by providing an overview of the research topic and its significance in the banking and finance industry. The background of the study explores the evolution of blockchain technology and its adoption in various sectors, highlighting its benefits and challenges. The problem statement identifies the existing gaps in online banking security and efficiency that blockchain technology aims to address. The objectives of the study are outlined to guide the research process towards achieving specific goals. The literature review delves into existing research and publications on blockchain technology in the banking sector, analyzing its impact on security, efficiency, and customer experience. The review covers ten key areas, including the fundamentals of blockchain technology, its applications in banking, security features, scalability issues, and regulatory considerations. The research methodology section details the approach taken to investigate the application of blockchain technology in online banking transactions. It includes discussions on research design, data collection methods, sampling techniques, data analysis procedures, and ethical considerations. The chapter outlines eight key components that guide the empirical investigation and analysis of the research data. The discussion of findings chapter presents a comprehensive analysis of the empirical results obtained from the research study. It examines the impact of blockchain technology on enhancing security and efficiency in online banking transactions, highlighting key findings, trends, and implications for the banking industry. The chapter also discusses the limitations of the study and suggests areas for further research. In conclusion, the thesis summarizes the key findings and contributions of the research, emphasizing the significance of blockchain technology in improving the security and efficiency of online banking transactions. The implications of the study for banking institutions, regulators, and customers are discussed, along with recommendations for future research and practical applications of blockchain technology in the banking sector. Overall, this thesis contributes to the growing body of knowledge on the application of blockchain technology in banking and finance, offering insights into its potential to transform the industry and enhance the security and efficiency of online transactions.