The Reality of Using Blockchain Technology in the Financial and Banking Sector – Opportunities and Challenges

Abstract

Blockchain technology is one of the latest technologies that has received widespread attention from researchers, academics, and professionals, due to the facilities it provides for completing transactions and carrying out activities in various sectors, including the banking sector. This study aims to demonstrate the reality of applying blockchain technology in the financial and banking sector by presenting a set of concepts related to both blockchain technology and the financial and banking sector, based on the descriptive and analytical approach. The study concluded that applying blockchain technology in the financial and banking sector contributes to upgrading the infrastructure of financial services and improving the quality of banking services.