Information Security in Banking and the Blockchain Connection

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Castro, Amanda
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More consumers are using technology based applications for digital payments and their banking needs. Blockchain has emerged as a key technology that may greatly impact the future of financial services. Banks have an opportunity to use blockchain as a solution that can keep data secure and their customers satisfied. Blockchain characteristics align with key aspects of information security. There are many potential benefits of using blockchain for financial services, as well as barriers for adoption. The purpose of this study is to demonstrate how a blockchain works and if and how it can be useful for organizational purposes. A survey recently conducted on financial executives was reviewed to examine views on blockchain. Example case studies were also reviewed to look at potential case uses for blockchain in banking based on what other organizations have done. The findings suggest that a permission based blockchain is the best option for banks that want to use the technology. The main areas of banking that can benefit from blockchain are data security, digital identity verification and operation costs. Further research should be done to determine how blockchain can expand on digital identity verification, improve on gathering information for compliance, and use along with other technologies such as Artificial Intelligence and Internet of Things.
banking , blockchain , technology , financial services , information security
Attribution-NonCommercial-NoDerivs 3.0 United States , openAccess