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arXiv · 2206.04141

Role of Blockchain in Revolutionizing Online Transactional Security

Rishav Kumar
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Abstract

This paper highlights the necessity to use modern blockchain technology in traditional banking sector to reduce frauds and enable high-security transactions on a permanent blockchain ledger. Reviewing different channels through which the traditional banking servers could integrate blockchain use, it is signified how a huge anti-fraud stand can be taken against bank servers allowing fraudulent transactions daily. Usage of a blockchain-based ledger is highly impactful in terms of security of a banking organization. Blockchain-based currency tokens, also referred to as Cryptocurrencies are not regulated by the government, highly volatile, and anonymous to use. Furthermore, there is no security for any funds invested in a cryptocurrency market. However, the integration of a blockchain ledger in a traditional banking organization would strengthen the security to provide more stability and confidence to its customers and at the same time, make blockchain a more reliable method to consider due to being trusted by large financial organizations.

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Rishav Kumar. 2022-06-08. Role of Blockchain in Revolutionizing Online Transactional Security. https://arxiv.org/abs/2206.04141

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