Abstract : A blockchain is an ordered, decentralised, immutable ledger that allows the recording of network transactions. Blockchain has emerged as a technology that can be applied in a variety of industries in recent years. It has been promised that it will be the technology that will enable trans- actions that are simple, effective, safe, and inexpensive The primary goal of this thesis was to investigate the Blockchain's potential impact on the banking industry, as well as its challenges and limitations The end result would be a good explanation of blockchain technology, how it works, and how it can be used. The implementation of a future bank and its challenges
A literature review was carried out in order to answer the research questions. The articles were chosen from evidence-based scientific databases including ABI Inform, Academic Search Elite, Emerald, Sage Premier, ScienceDirect, Springer Open, and Google Scholar. Six scholarly were chosen by screening relevant articles and applying inclusion and exclusion criteria. Data were extracted in a systematic manner and organised into five major categories. The findings indicate that blockchain technology has the potential to improve the efficiency of various sectors in the banking industry It has the potential to improve and transform the cross-border payment system. Management, trade finance, capital markets, and financial reporting and compliance are all areas of expertise. It also creates the process of getting to know your customer is simple. As a result, blockchain implementation is expected to cause havoc in the banking and finance systems
Attaran, M. & Gunasekaran, A. 2019. Applications of Blockchain Technology in Business: Challenges and Opportunities. Cham, Switzerland: Springer International Publishing.
Baraniuk, C. 2019. Bitcoin’ s energy consumption equals that of Switzerland. Available: https://www.bbc.com/news/technology-48853230 . Accessed on July 6, 2020.
Casey, M., Crane, J., Gensler, G., Johnson, S. & Narula, N. 2019. The Impact of Blockchain Technology on Finance: A Catalyst for Change. London: Centre for Economic Policy Re Search.
CoinDesk, 2020. Figure showing the price of bitcoin. Available:https://www.coindesk.com/price/bitcoin. Accessed on June 2, 2020.
Collomb, A. & Sok, K. 2016. Blockchain / distributed ledger technology (DLT): What impact On the financial sector? Communications & Strategies, no. 103, pp. 93-111,212,214.l Retrieved From https://search.proquest.com/docview/1841718518?accountid=10007.
Accessed on May 6, 2020.
Deloitte. 2016. Blockchain, Enigma. Paradox. Opportunity. Available: https://www2.deloitte.com/content/dam/Deloitte/uk/Documents/Innovation/deloitte-uk- blockchain-full-report.pdf. Accessed on May 15, 2020.
Dragonchain. 2019. What different types of blockchains are there? Available: https://dragon- Chain.com/blog/differences-between-public-private-blockchains/. Accessed on July 15, 2020.
Edwards, J. 2020. Bitcoin’s Price History. Investopedia. Available: https://www.in- Vestopedia.com/articles/forex/121815/bitcoins-price-history.asp. Accessed on July 16, 2020.
Fink, A. 2014. Conducting Research Literature Reviews: From the Internet to Paper. Fourth Edition. Thousand Oaks, CA: SAGE.Freuden, D. 2018. Hybrid blockchains: the best of both public and private. Bravenewcoin.Available: https://bravenewcoin.com/insights/hybrid- blockchains-the-best-of-both-public- And-private. Accessed on July 15, 2020.
