Impact of blockchain-enabled analytics as a tool to revolutionize the banking industry
Blockchain technology is disrupting the financial services industry and leading to extended big data applications in the banking sectors. Using blockchain and big data technology, banking industries can greatly improve decision-making, efficiency, and transparency. Nevertheless, there is a gap in re...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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AIMS Press
2022-08-01
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| Series: | Data Science in Finance and Economics |
| Subjects: | |
| Online Access: | https://www.aimspress.com/article/doi/10.3934/DSFE.2022014?viewType=HTML |
| _version_ | 1828072774436913152 |
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| author | Mesbaul Haque Sazu Sakila Akter Jahan |
| author_facet | Mesbaul Haque Sazu Sakila Akter Jahan |
| author_sort | Mesbaul Haque Sazu |
| collection | DOAJ |
| description | Blockchain technology is disrupting the financial services industry and leading to extended big data applications in the banking sectors. Using blockchain and big data technology, banking industries can greatly improve decision-making, efficiency, and transparency. Nevertheless, there is a gap in research on the use of blockchain and big data technologies in banking systems from an academic viewpoint. To address the gap, we present a thorough overview of the impact of blockchain and big data technologies on banking systems. Although some banks have started blockchain development in small groups or isolation, this study was designed as a comprehensive exploration into a few facets of banking with blockchain technology to tackle the difficulties currently impeding the adoption of such technologies into banking systems throughout the world. This study shows that implementing big data and blockchain technology can significantly impact the security, speed and cost of transactions for banks. Further research could be conducted over a long-time span to capture the longitudinal impact of blockchain and big data technologies on banking in terms of the operating costs, profitability and scalability. |
| first_indexed | 2024-04-11T01:17:23Z |
| format | Article |
| id | doaj.art-6f14b0f9c1204d0aa987d4c730709d27 |
| institution | Directory Open Access Journal |
| issn | 2769-2140 |
| language | English |
| last_indexed | 2024-04-11T01:17:23Z |
| publishDate | 2022-08-01 |
| publisher | AIMS Press |
| record_format | Article |
| series | Data Science in Finance and Economics |
| spelling | doaj.art-6f14b0f9c1204d0aa987d4c730709d272023-01-04T01:28:51ZengAIMS PressData Science in Finance and Economics2769-21402022-08-012327529310.3934/DSFE.2022014Impact of blockchain-enabled analytics as a tool to revolutionize the banking industryMesbaul Haque Sazu 0Sakila Akter Jahan 11. Case Western Reserve University, Cleveland, Ohio, 44106, USA2. Independent University, Bangladesh, Dhaka, 1229, BangladeshBlockchain technology is disrupting the financial services industry and leading to extended big data applications in the banking sectors. Using blockchain and big data technology, banking industries can greatly improve decision-making, efficiency, and transparency. Nevertheless, there is a gap in research on the use of blockchain and big data technologies in banking systems from an academic viewpoint. To address the gap, we present a thorough overview of the impact of blockchain and big data technologies on banking systems. Although some banks have started blockchain development in small groups or isolation, this study was designed as a comprehensive exploration into a few facets of banking with blockchain technology to tackle the difficulties currently impeding the adoption of such technologies into banking systems throughout the world. This study shows that implementing big data and blockchain technology can significantly impact the security, speed and cost of transactions for banks. Further research could be conducted over a long-time span to capture the longitudinal impact of blockchain and big data technologies on banking in terms of the operating costs, profitability and scalability.https://www.aimspress.com/article/doi/10.3934/DSFE.2022014?viewType=HTMLblockchainbig databankingbig data analyticsfinancial services |
| spellingShingle | Mesbaul Haque Sazu Sakila Akter Jahan Impact of blockchain-enabled analytics as a tool to revolutionize the banking industry Data Science in Finance and Economics blockchain big data banking big data analytics financial services |
| title | Impact of blockchain-enabled analytics as a tool to revolutionize the banking industry |
| title_full | Impact of blockchain-enabled analytics as a tool to revolutionize the banking industry |
| title_fullStr | Impact of blockchain-enabled analytics as a tool to revolutionize the banking industry |
| title_full_unstemmed | Impact of blockchain-enabled analytics as a tool to revolutionize the banking industry |
| title_short | Impact of blockchain-enabled analytics as a tool to revolutionize the banking industry |
| title_sort | impact of blockchain enabled analytics as a tool to revolutionize the banking industry |
| topic | blockchain big data banking big data analytics financial services |
| url | https://www.aimspress.com/article/doi/10.3934/DSFE.2022014?viewType=HTML |
| work_keys_str_mv | AT mesbaulhaquesazu impactofblockchainenabledanalyticsasatooltorevolutionizethebankingindustry AT sakilaakterjahan impactofblockchainenabledanalyticsasatooltorevolutionizethebankingindustry |