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

Thesis Abstract

Abstract
Blockchain technology has gained significant attention in recent years for its potential to transform various industries, including banking and finance. This thesis explores the application of blockchain technology in enhancing the security and efficiency of online banking transactions. The study aims to investigate how blockchain can address the existing challenges in online banking, such as security vulnerabilities, high transaction costs, and slow processing times. The research methodology involves a comprehensive literature review to examine the current state of blockchain technology in the banking sector. Additionally, primary data will be collected through interviews with experts in the field to gain insights into the practical implementation of blockchain in online banking systems. Chapter 1 provides an introduction to the research topic, including the background, problem statement, objectives, limitations, scope, significance, structure of the thesis, and definition of terms. Chapter 2 presents a detailed literature review on blockchain technology, online banking transactions, security issues, and the potential benefits of implementing blockchain in the banking sector. Chapter 3 outlines the research methodology, including the research design, data collection methods, sampling techniques, data analysis procedures, ethical considerations, and limitations of the study. Chapter 4 discusses the findings of the research, highlighting how blockchain technology can enhance the security and efficiency of online banking transactions. The results indicate that blockchain has the potential to revolutionize the banking industry by providing a secure and transparent platform for conducting online transactions. The decentralized nature of blockchain eliminates the need for intermediaries, reducing transaction costs and processing times. Chapter 5 presents the conclusion and summary of the thesis, emphasizing the key findings, implications for the banking sector, and recommendations for future research. Overall, this study contributes to the growing body of knowledge on the application of blockchain technology in enhancing the security and efficiency of online banking transactions.