BLOCKCHAIN FOR BANKING SYSTEMS: OPPORTUNITIES AND CHALLENGES

Blockchain is a promising technology for both academic studies and practical industrial applications. It enables decentralized public ledgers to hold immutable data securely and ensures that the data cannot be altered. Digital identities, social media, supply chain management, luxury goods, and financial assets are among the domains that have widely benefited from this technology. In the literature, we found only a few review papers that target the banking domain, instead of a complete overview of the blockchain-based financial sector. These reviews are limited in reports and articles. Accordingly, the main aim of this study is to present an overview of blockchain-based banking services and discuss the challenges of applying blockchain technologies in the banking domain to give a clear understanding to professionals and researchers in this domain.