Blockchain technology moving beyond cryptocurrencies in finance sector.

Blockchain technology is one of the most sensational and under rated technology in current technological and financial sector. The great wave in blockchain technology for the banking sector is still unexplored to its depth, as the need for new technology in all the areas of life is a necessity nowadays. The study was conducted to identify different services that the financial sector can provide to its customer by accepting a unified blockchain technology. The fundamental inkling of blockchain technology is, its public and the same is shared in a tamperproof ledger which allows the heterogenous community to share the sensitive data over a distributed ledger. This paper gives an idea about how this tamperproof technology can be used to increase the efficiency, transparency and to lower the risk and expenditure associated with the highly sophisticated data of an individual in relation to banking sector. The technology has great potential to overcome the disadvantages of the current central server system in banking industry, which is highly prone to hacking and cracking. The blockchain technology is current meant to be a hack proof system which is still in its initial stage of development. As the technology is still in pilot testing stage on banking sector, once the same is found feasible to with stand the current market need, this will bring an economic and technological boom to different sectors. The most exciting premises about blockchain technology is, it makes banks pointless. Though, this paper contends that the advantages of block chain technology will be used by the financial institutions in a first mover place rather becoming outdated. [ABSTRACT FROM AUTHOR]