A STUDY ON BLOCKCHAIN IN FINANCIAL TRANSACTIONS

Abstract

Blockchain technology is transforming financial transactions by providing a secure, transparent, decentralized, and efficient platform for recording and verifying financial data. Unlike traditional banking systems that rely on intermediaries, blockchain enables peer-to-peer transactions, reducing processing time, operational costs, and the risk of fraud. This study examines the role of blockchain in enhancing the speed, accuracy, security, and transparency of financial transactions across banking, payments, trade finance, and digital asset management. It also explores the benefits of smart contracts, real-time settlements, and improved data integrity while highlighting challenges such as regulatory uncertainty, scalability, cybersecurity concerns, and implementation costs. The study concludes that blockchain has significant potential to reshape the financial sector by improving trust, operational efficiency, and financial inclusion, making it one of the most promising technologies for the future of digital finance.