Impact of Blockchain technology in the Indian Banking and Financial sector

Abstract

Objectives: To deliver a structured assessment of the influence of blockchain technology in the Indian banking and financial domain, and to uncover emerging patterns and valuable perspectives concerning forthcoming progress, drawbacks, and constraints related to the integration of blockchain technology in this sector.

Design: Analyzing thematic patterns within unstructured textual data obtained from interviews with experts and academics.

Setting and participants: Experienced adults with a minimum of 2 years of expertise in areas encompassing blockchain, cybersecurity, and cryptocurrency; scholars from diverse educational institutions and professionals engaged in blockchain development; individuals with financial and management backgrounds.

Main outcome measures: Unstructured text organized into thematic categories and their influence on different segments and topics.

Methods: 15 participants submitted open-text responses. The data underwent a multistage coding process: (1) categorization of comments into broad groups (e.g., corporate, academic, technical, etc.), (2) further subdivision of main categories into subcategories (e.g., accessibility and traceability, privacy and security, data compliance, consumer data, etc.), (3) cross-sectional examination to pinpoint overarching themes spanning categories, (4) examination of diverse statements to derive assorted conclusions within the established categories.

Results: The majority of open-text participants expressed favorable opinions regarding the influence of integrating blockchain technology into the Indian Banking and Financial sector. Additionally, they discussed the challenges associated with implementing and adopting blockchain technology within this sector.

Conclusion: This research highlights distinct realms for investigating the utilization of blockchain technology in the Indian Banking and Financial sector. It also uncovers numerous themes that span different phases of its implementation. Despite the prevailing positivity in the majority of remarks, the analysis unveils certain apprehensions expressed by a substantial portion of respondents, emphasizing that the technology has yet to achieve comprehensive integration within the Indian banking and financial sector.