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| | | Article Name : | | | Blockchain technology and the banking industry | | Author Name : | | | Valbona Dhjaku, Nevila Xoxa, Xhovana Alisinani | | Publisher : | | | Bridge Center | | Article URL : |  | | | Abstract : | | | This paper aims to analyze the principles of Blockchain technology and its potential for the banking sector even in Albania. The Banking Sector itself is served by a lot of inter-organizational systems that Banks, financial institutions and regulatory authorities need to ensure the daily operations between them. The Financial Sector, all over the World, is trying to benefit from the possibilities that blockchain brings. Although blockchain is usually associated to bitcoin, the technology itself is applicable in a lot of other cases in Banking.
In this paper, we will try to explain how this technology makes transactions fast and easy. Blockchain is already transforming payments industry, is applicable in know your customer, contract management, fraud systems and a lot more. This paper will try to explain the way that banking industry innovating with blockchain technology and will also try to bring some thoughts and raise some future questions regarding the scalability and the effort needed to support blockchain.
| | Keywords : | | | Blockchain, Banking, Finance, Technology, Fraud |
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