Leveraging Blockchain Technology forInternet ofThings Powered Banking Sector

Title

Leveraging Blockchain Technology forInternet ofThings Powered Banking Sector

Creator

Surekha N.; Sangeetha R.; Aarthy C.; Kavitha R.; Anuradha R.

Description

Banking sector contributes to 70% of Indian Gross Domestic Product (GDP) and for India to meet its economic aspirations, it should enable this vivacious sector to grow at 810 times of its current pace, in the next ten years. This pace of active growth requires a double engine of sophisticated technology and a tech enabled, scalable, and a secured banking system. Implementing BlockchainTechnology (BCT) in the banking sector, provides a realistic solution which when coupled with devices connected by the Internet of Things(IoT), will result in secured, fast-paced, cost effective, and transparent growth of the sector. The prevalence of personalized banking, secured banking, connected banking, and digital banking are use cases, made possible through interface with IoT. This chapter delves into the opportunities in the banking sector to be explored and challenges to be met in the BCT-IoT implementation process. BCT- and IoT-based opportunities such as peer-to-peer lending, Know Your Customer (KYC) updation, Cross-border transfer payments, syndicate lending, fraud reduction are some of the banking operations that are elaborated. To strengthen the banking network, the consensus algorithm of Blockchainnetwork is much required and the use of IoT devices to act as nodes is pertinent. The blend of both in the banking space has to be further reinforced. 2022, The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.

Source

Lecture Notes on Data Engineering and Communications Technologies, Vol-112, pp. 181-207.

Date

2022-01-01

Publisher

Springer Science and Business Media Deutschland GmbH

Subject

Banking; Blockchain technology; Internet of Things (IoT); Smart contract; Swoc (strength weakness

Coverage

Surekha N., School of Business and Management, CHRIST University, Bangalore, India; Sangeetha R., School of Business and Management, CHRIST University, Bangalore, India; Aarthy C., School of Business and Management, CHRIST University, Bangalore, India; Kavitha R., School of Sciences, CHRIST University, Bangalore, India; Anuradha R., School of Business and Management, CHRIST University, Bangalore, India

Rights

Restricted Access

Relation

ISSN: 23674512

Format

Online

Language

English

Type

Book chapter

Identifier

https://doi.org/10.1007/978-981-16-9260-4_8

https://www.scopus.com/inward/record.uri?eid=2-s2.0-85126433604&doi=10.1007%2f978-981-16-9260-4_8&partnerID=40&md5=556f551cd3524685c5ff7114ed9666f0