Role of Blockchain Technology in India’s Financial Ecosystem: A Case Study of Top Two Indian Banks
DOI:
https://doi.org/10.63503/aisem.50Keywords:
Financial ecosystem, Blockchain Technology, Distributed ledger, Blockchain-based ecosystem, Banking sectorAbstract
The financial ecosystem is defined as the network of banks, fintech companies, tech giants, and other players that aims to provide financial services to its valued customers, with a focus on collaboration and economic growth. Fintech and banks are prominent parts of the financial ecosystem, developing innovative technologies for their operations. Blockchain is a transformative force for many organisations, especially in the banking sector. This study examines the adoption of blockchain in the banking sector and how incorporating its features into day-to-day banking operations leads to positive outcomes. The leading banks in India that were the first to adopt this technology are studied in depth for their use of blockchain technology. Analysis is based on their annual reports, and a Comparison is made between SBI and ICICI Bank on the basis of features that transformed the way they operate.
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