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BLOCKCHAIN TECHNOLOGY –REVAMPING THE INDIAN FINANCIAL SECTOR LANDSCAPE AND ROADBLOCKS AHEAD

Authors

  • Dr. Namrata Prakash , Shivani Solanki , Emmanuel Elgin Gabriel , Dr. Monika Bangari

Abstract

Blockchain is evolving as a disruptive core technological force. This force is capable of
transforming the financial services industry and also modified business models. It is
providing for a faster, inexpensive, more safe and transparent day-to-day functioning of
businesses. Blockchain is called a distributed ledger technology that was initially created to
facilitate Bitcoin transactions. Block chain was developed in 2009 to help individuals and
organizations to direct transactions without the need for any intermediary institution or a
central bank. It uses complex algorithms to confirm transactions. Blockchain has been
helping users to carry out trade and commerce across the globe without the need for payment
processors, custodians, and settlement and reconciliation entities. Blockchain technology has
the potential to revolutionize the way governments, the financial sector and companies are
functioning and can ignite the fourth Industrial Revolution across the world. This paper is an
attempt to check out significant blockchain implementations in India done so far for
embracing the technology, both within and outside the financial domain and problems in the
implementation of blockchain technology in India.

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Published

2020-11-29

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How to Cite

Dr. Namrata Prakash , Shivani Solanki , Emmanuel Elgin Gabriel , Dr. Monika Bangari. (2020). BLOCKCHAIN TECHNOLOGY –REVAMPING THE INDIAN FINANCIAL SECTOR LANDSCAPE AND ROADBLOCKS AHEAD. PalArch’s Journal of Archaeology of Egypt / Egyptology, 17(6), 1084 - 1092. Retrieved from http://mail.palarch.nl/index.php/jae/article/view/825