Transforming Banking In India: Applications And Challenges Of Blockchain Technology

Abstract

Blockchain technology is a ground-breaking invention that might fundamentally alter India's banking sector. Its decentralized and immutable structure offers significant advantages, including as enhanced security, operational efficacy, and financial transaction transparency. The several uses of blockchain technology in Indian banking, including trade finance, digital identity management, smart contracts, fraud prevention, cross-border payments, and KYC processes, are examined in this paper. These real-world examples show how technology may improve customer happiness, cut costs, and expedite procedures. In particular, this study investigates whether these elements affect banking staff members' inclination to embrace blockchain technology. Considering that many bank workers, especially those who are older, can be resistant to new technologies, the study aims to assess innovation adoption models in Indian banks. Apart from private sector banks such as HDFC, ICICI, Kotak Mahindra, Axis, and IndusInd, it also emphasizes public sector banks like Union Bank, Punjab National Bank (PNB), State Bank of India (SBI), Bank of Baroda, and Canara Bank. This study aims to bridge the knowledge gap about blockchain's adoption in banking and financial services by investigating the technology's potential for online banking. The primary objective is to evaluate how perceived ease of use, perceived utility, perceived security, perceived danger, trust, cost savings, and strategic value have an impact on employees' intentions to adopt blockchain technology.