Blockchain technology is emerging as a transformative force in the Indian banking sector, offering innovative solutions to long-standing challenges related to security, transparency, and operational efficiency. This study examines the opportunities and obstacles associated with integrating blockchain into India’s banking system. The opportunities include enhanced data security, faster and cost-effective transactions, improved KYC processes, streamlined cross-border payments, and increased transparency in financial operations. Blockchain also supports automation through smart contracts and offers the potential for new financial products such as tokenized assets. However, despite its promise, the adoption of blockchain faces significant challenges. These include regulatory uncertainty, high implementation costs, interoperability issues, limitations in scalability, shortage of skilled professionals, and difficulties in integrating blockchain with existing legacy systems. Organizational resistance and concerns regarding long-term technological viability further complicate adoption efforts. The study concludes that while obstacles remain, blockchain holds considerable potential to reshape India’s banking landscape. With growing support from regulators, increased collaboration among banks, and continuous technological advancements, blockchain is likely to evolve into a critical component of India’s future digital banking infrastructure. The findings highlight the need for strategic planning, regulatory clarity, and capacity-building initiatives to enable sustainable and large-scale blockchain adoption in the banking sector.
Dr. Gaud Shailendra Ghisaji (Thu,) studied this question.
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