Impact of Implementation of Blockchain Technology for Cybersecurity in Banking System
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Supervisors
Abstract
The banking sector, a prime target for cyberattacks, faces the challenge of protecting massive volumes of sensitive financial and personal data. Conventional cybersecurity defenses against complex and dynamic threats are becoming less and less effective. This study looks into how blockchain technology might strengthen cybersecurity in the banking industry. Banks may improve their security posture and solve significant weaknesses by utilizing the core characteristics of blockchain technology, including decentralization, immutability, and cryptographic security. The study explores the use of blockchain in automated smart contracts, strong identity verification, safe financial transactions, and sophisticated fraud detection and prevention. This article highlights the concrete advantages and real-world implementation issues of implementing blockchain in banking cybersecurity through an analysis of case studies and current implementations. It also explores problems with regulatory compliance, scalability, and barriers to broad adoption. According to the research, blockchain technology has the potential to significantly alter cybersecurity in the banking sector by offering a transparent and robust framework to counter the expanding array of cyberthreats, thereby promoting increased confidence and security in financial operations.
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Publication Details
- Type of Publication: Conference
- Conference Name: 1st National Research Conclave,2024
- Date of Conference: 10/01/2024 - 10/01/2024
- Venue: Military Institute of Science and Technology
- Organizer: Military Institute of Science and Technology