Application of blockchain technology in enhancing security and efficiency in online banking transactions

Thesis Abstract

Abstract
Blockchain technology has emerged as a transformative innovation with the potential to revolutionize various industries, including banking and finance. This thesis explores the application of blockchain technology in enhancing security and efficiency in online banking transactions. The study delves into the underlying principles of blockchain technology, its key features, and its relevance to online banking operations. The research methodology employed in this study includes a comprehensive literature review, a detailed analysis of case studies, and primary data collection through interviews with industry experts. The findings reveal the significant advantages of blockchain technology in providing secure and efficient online banking transactions. The study highlights the limitations and challenges associated with the implementation of blockchain technology in the banking sector, such as regulatory compliance, scalability issues, and interoperability concerns. Furthermore, the research investigates the scope of blockchain technology in addressing these challenges and enhancing the overall security and efficiency of online banking transactions. The significance of this study lies in its contribution to existing literature on blockchain technology in the banking sector, providing insights into the practical implications of adopting blockchain solutions for online banking operations. The findings underscore the potential benefits of blockchain technology, including enhanced security, reduced transaction costs, improved transparency, and increased operational efficiency. In conclusion, the study emphasizes the importance of integrating blockchain technology into online banking systems to mitigate security risks and streamline transaction processes. The recommendations derived from this research aim to guide banking institutions in leveraging blockchain technology to enhance security and efficiency in online transactions, thereby fostering trust and confidence among customers in the digital banking landscape.