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Blockchain Technology in Modern Banking: Challenges and Opportunities: A Comprehensive Analysis of the United States Banking Sector
Subject area: Science,Engineering and Technology · Area of research: Finance
DOI: https://doi.org/10.64388/IREV7I5-1711291-5636
Abstract
The integration of blockchain technology into modern banking systems represents one of the most significant technological transformations in the financial services industry. This study examines the multifaceted implications of blockchain adoption within the United States banking sector, analyzing both the unprecedented opportunities for innovation and the substantial challenges that financial institutions face during implementation. Through comprehensive analysis of recent developments, regulatory frameworks, and empirical evidence from 2017-2023, this research demonstrates that while blockchain technology offers revolutionary potential for enhancing security, reducing transaction costs, and improving operational efficiency, significant barriers including regulatory uncertainty, technical scalability issues, and organizational resistance continue to impede widespread adoption.
How to cite this paper
@article{1711291,
author = {Imoisili Lucky Oseremen},
title = {Blockchain Technology in Modern Banking: Challenges and Opportunities: A Comprehensive Analysis of the United States Banking Sector},
journal = {Iconic Research And Engineering Journals},
year = {2023},
volume = {7},
number = {5},
pages = {447-455},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1711291.pdf},
abstract = {The integration of blockchain technology into modern banking systems represents one of the most significant technological transformations in the financial services industry. This study examines the multifaceted implications of blockchain adoption within the United States banking sector, analyzing both the unprecedented opportunities for innovation and the substantial challenges that financial institutions face during implementation. Through comprehensive analysis of recent developments, regulatory frameworks, and empirical evidence from 2017-2023, this research demonstrates that while blockchain technology offers revolutionary potential for enhancing security, reducing transaction costs, and improving operational efficiency, significant barriers including regulatory uncertainty, technical scalability issues, and organizational resistance continue to impede widespread adoption.},
month = {November},
doi = {https://doi.org/10.64388/IREV7I5-1711291-5636}
}