CYBERSECURITY ENHANCEMENT IN FINANCIAL SYSTEMS USING BLOCKCHAIN TECHNOLOGY

Abstract

The decentralised, transparent, and immutable architecture of blockchain technology is employed in this study to safeguard sensitive financial data and transactions. Through the distribution of data across a network of nodes that are safeguarded by robust cryptography, blockchain mitigates the risks associated with centralised systems, including singular points of failure. Consensus methods safeguard data, while smart contracts facilitate secure, automated, and unalterable financial transactions. Blockchain's traceability and transparency enable real-time audits and fraud detection. This investigation illustrates how blockchain technology has the potential to augment the security, dependability, and resilience of modern financial systems in the face of cyberattacks.