The Influence of Blockchain Technology on Digital Banking Operations Globally

Abstract

This paper explores the influence of blockchain technology on digital banking operations globally, highlighting its potential to transform traditional banking practices and enhance efficiency, security, and transparency. As the financial sector increasingly adopts digital solutions, blockchain technology has emerged as a disruptive force that can streamline processes, reduce costs, and improve trust among stakeholders. The study employs a mixed-methods approach, combining quantitative data on blockchain adoption rates and digital banking performance metrics with qualitative insights from industry experts, banking professionals, and technology providers. The findings reveal that blockchain technology is being integrated into various banking operations, including payments, cross-border transactions, and identity verification, significantly improving transaction speed and reducing fraud. However, challenges such as regulatory uncertainty, interoperability issues, and the need for technical expertise remain barriers to widespread adoption. By analyzing successful case studies of banks that have implemented blockchain solutions, this research highlights best practices and offers actionable recommendations for financial institutions looking to leverage blockchain technology effectively. Ultimately, this study underscores the transformative potential of blockchain in reshaping digital banking operations, paving the way for a more efficient and secure financial ecosystem