Blockchain Technology in Modern Banking: Challenges and Opportunities: A Comprehensive Analysis of the United States Banking Sector

References

[1] Ahmed, I. E. (2023, April). Analyzing the impact of blockchain technology on banking transaction costs: Evidence from 2017–2023. Frontiers in Blockchain. DOI:

[2] Al Hchemi, L. H. A. H. (2023). Blockchain-based smart contracts and their potential in transforming financial services in Iraq. Arab Journal of Business and Operations Research (AJBOR). DOI:

[3] An, M., Fan, Q., Yu, H., & Zhao, H. (2023, June). Blockchain technology research and application: A review. arXiv. DOI:

[4] Bakare, F. A., Omojola, J., & Iwuh, A. C. (2022). Blockchain and decentralized finance (DeFi): Disrupting traditional banking and financial systems. World Journal of Advanced Research and Reviews, 23(3), 3075–3089. https://doi.org/10.30574/wjarr.2022.23.3.2968

[5] Berberich, M., & Steiner, M. (2020). Blockchain technology and the GDPR: How to reconcile immutability with data protection. European Data Protection Law Review. DOI:

[6] De Filippi, P. (2018). The interplay between decentralization and privacy: The case of blockchain technologies. Journal of Peer Production. DOI:

[7] Hashimzai, I. A., & Ahmadzai, M. Z. (2022, August). Navigating the integration of blockchain technology in banking: Opportunities and challenges. International Journal of Software Engineering and Computer Science (IJSECS), 4(2), 665–679. DOI:

[8] Kim, D. (2022, October). Blockchain technology in financial services: Opportunities and challenges. Well Testing Journal. DOI:

[9] Mensah, K. A., Schmidt, A. M., & Wang, L. J. (2022, July 26). Blockchain technology in Ghana's banking sector: A comprehensive review of opportunities and challenges. Current Journal of Human Resource Management, 10(3), 13–28. https://doi.org/10.5281/zenodo.12820538

[10] Ogunrinde, A., De Pablos Heredero, C., Montes Botella, J.-L., & Fernández Sanz, L. (2022). The impact of blockchain technology and dynamic capabilities on banks' performance. Big Data and Cognitive Computing. DOI:

[11] Peters, G. W., & Panayi, E. (2016). Understanding modern banking ledgers: A financial technology view. Banking & Financial Services Policy Research. DOI:

[12] Reuters. (2022, June). Banks' drive to 'tokenise' assets moves slower than expected. Reuters Business News. DOI:

[13] Reuters. (2022, September). JPMorgan eyes Swiss corporate business gains, blockchain boost. Reuters Business News. DOI:

[14] Sanyaolu, T. O. S., Adeleke, A. G., Azubuko, C. F., & Osundare, O. S. (2022). Harnessing blockchain technology in banking to enhance financial inclusion, security, and operational efficiency. International Journal of Science, Research and Sustainable Technology (IJSRST). DOI:

[15] Syarkani, Y., Subu, M. A., & Waluyo, I. (2022). Revolutionizing financial risk management: Blockchain's role in transforming global banking systems. Moneta: Journal of Economics and Finance, 2(4), 143–157. https://doi.org/10.61978/moneta.v2i4.378

[16] Wu, H., Yao, Q., Liu, Z., Huang, B., Zhuang, Y., Tang, H., & Liu, E. (2022, February). Blockchain for finance: A survey. arXiv. DOI:

[17] Zarpala, L., & Casino, F. (2020, August). A blockchain based forensic model for financial crime investigation. arXiv. DOI:

[18] Zhao, X., & Si, Y.-W. (2023, December). Challenges of blockchain adoption in financial services in China's Greater Bay Area. arXiv. DOI:

@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}
  }