Thesis Abstract

Abstract
Blockchain technology has emerged as a disruptive innovation with the potential to transform various industries, including the banking sector. This thesis explores the application of blockchain technology in enhancing financial transactions security within the banking sector. The study begins with an examination of the background of blockchain technology, highlighting its key features and potential benefits in the context of financial transactions security. The problem statement identifies the existing challenges and vulnerabilities in traditional banking systems, underscoring the need for a more secure and efficient solution. The objectives of the study are to assess the effectiveness of blockchain technology in improving financial transactions security, analyze the potential limitations and challenges of implementing blockchain in the banking sector, and evaluate the scope of its application. The research methodology includes a comprehensive literature review of existing studies and industry reports on blockchain technology and its impact on financial services. The findings reveal that blockchain technology offers several advantages in enhancing financial transactions security, such as immutability, transparency, and decentralization. However, challenges related to scalability, regulatory compliance, and interoperability with existing systems need to be addressed for successful implementation. The discussion of findings delves into the implications of these challenges and proposes recommendations for overcoming them. In conclusion, the study emphasizes the significance of leveraging blockchain technology to strengthen financial transactions security in the banking sector. By adopting blockchain solutions, banks can enhance data integrity, reduce fraud, and improve trust among stakeholders. The thesis contributes to the existing literature by providing insights into the potential of blockchain technology in enhancing security and efficiency in financial transactions within the banking sector. Keywords blockchain technology, financial transactions security, banking sector, decentralization, transparency, scalability, regulatory compliance.

Thesis Overview

The project titled "Application of blockchain technology in enhancing financial transactions security in banking sector" aims to investigate and analyze the potential of blockchain technology to enhance security in financial transactions within the banking sector. Blockchain technology has gained significant attention in recent years due to its decentralized and secure nature, making it a promising solution for improving security in various industries, including banking and finance. The research will focus on exploring how blockchain technology can address the existing security challenges faced by the banking sector, such as fraud, data breaches, and unauthorized access to sensitive financial information. By leveraging the transparency, immutability, and cryptographic features of blockchain technology, banks can potentially enhance the security and integrity of financial transactions, thereby increasing trust among customers and reducing the risks associated with traditional centralized systems. The study will involve a comprehensive literature review to examine existing research on the application of blockchain technology in the banking sector. This review will provide insights into the benefits, challenges, and potential use cases of blockchain technology for enhancing financial transactions security. By analyzing and synthesizing the findings from previous studies, the research aims to identify key trends, gaps, and opportunities for further exploration in this field. Furthermore, the research methodology will involve a combination of qualitative and quantitative approaches, including interviews with banking professionals, surveys of customers, and analysis of blockchain implementations in banking institutions. This multi-faceted approach will provide a holistic view of the current state of blockchain technology adoption in the banking sector and the potential impact on financial transactions security. The findings from this research will contribute to the existing body of knowledge on blockchain technology and its application in the banking sector. By offering insights into the benefits and challenges of integrating blockchain technology into banking operations, the study aims to provide practical recommendations for banks looking to enhance the security of their financial transactions. Ultimately, the goal of this research is to help banks improve their security measures, protect customer data, and build trust in the digital economy through the innovative use of blockchain technology.