Improved Acceptance model: Unblocking Potential of Blockchain in Banking Space

Title

Improved Acceptance model: Unblocking Potential of Blockchain in Banking Space

Creator

Kumar A.; Mallik S.; Mishra S.; Sharma V.; Hewage P.; Iwendi C.

Description

Over the past ten years, blockchain has emerged as the new buzzword in the banking sector.The new technology is being adopted globally in many industries, including the business sector,because of its unique uses and features. However, no adoption model is available to help with this process.This research paper examines the new technology known as blockchain, which powers cryptocurrencies like Bitcoin and others. It looks at what blockchain technology is, how it works especially in the banking sector, and how it can change and upend the financial services sector. It outlines the features of the technology and discusses why these can have a significant effect on the financial industry as a whole in areas like identity services, payments, and settlements in addition to spawning new products based on things like 'smart contracts'. The adoption variables found in the literature study were used to gather, test, and evaluate the official papers that are currently available from regulatory organizations, practitioners, and research bodies. This study was able to classify adoption factors into three categories - supporting, impeding, and circumstantial - identify a new adoption factor, and determine the relative relevance of the factors. Consequently, an institutional adoption paradigm for blockchain technology in the banking sector is put out. In light of this, it is advised to conduct additional research on using the suggested model at banks using the new technology in order to assess its suitability. 2024 IEEE.

Source

4th International Conference on Innovative Practices in Technology and Management 2024, ICIPTM 2024

Date

2024-01-01

Publisher

Institute of Electrical and Electronics Engineers Inc.

Subject

Decentralization; immutability and cryptocurrencies; ledger; Smart contracts

Coverage

Kumar A., Kalinga Institute of Industrial Technology, India; Mallik S., Kalinga Institute of Industrial Technology, India; Mishra S., Kalinga Institute of Industrial Technology, India; Sharma V., Christ (Deemed to Be University), Department of Computational Sciences, Delhi NCR, India; Hewage P., University of Bolton, School of Creative Technologies, United Kingdom; Iwendi C., University of Bolton, School of Creative Technologies, United Kingdom

Rights

Restricted Access

Relation

ISBN: 979-835030775-7

Format

Online

Language

English

Type

Conference paper

Identifier

https://doi.org/10.1109/ICIPTM59628.2024.10563904

https://www.scopus.com/inward/record.uri?eid=2-s2.0-85197704550&doi=10.1109%2fICIPTM59628.2024.10563904&partnerID=40&md5=4775702851f53bbbf70b3cd16209256c