Volume no :
1 |
Issue no :
4
Article Type :
Scholarly Article
Author :
Y Ashwini, U Swapnika, B Vyshnavi
Published Date :
March, 2025
Publisher :
INTERNATIONAL JOURNAL OF ENGINEERING INNOVATIONS AND MANAGEMENT STRATEGIES
Page No: 1 - 13
Abstract : Decentralized Smart Banking using Blockchain Technology represents a transformative shift in the financial industry by leveraging distributed ledger systems to deliver transparent, secure, and efficient banking services without the need for traditional intermediaries. This model decentralizes the control and management of financial transactions, enabling peer-to-peer interactions through smart contracts that execute and verify agreements automatically, reducing the risk of fraud and human error. Blockchain’s immutability and consensus mechanisms ensure data integrity, making every transaction traceable and tamper-proof. In this system, digital identities and wallets provide users with full ownership and control over their assets, promoting financial inclusion for unbanked populations worldwide. Smart banking on blockchain facilitates seamless services such as decentralized lending, savings, payments, and asset management, all governed by programmable logic embedded in smart contracts. Moreover, with decentralized finance (DeFi) protocols integrated into the ecosystem, users can interact with various financial instruments globally without relying on centralized institutions, thus reducing costs and operational delays. The transparency inherent in blockchain builds user trust, while cryptographic security safeguards sensitive information, protecting users from cyber threats and identity theft. Additionally, blockchain’s real-time processing capabilities significantly reduce settlement times, enabling near-instantaneous transactions and improving overall efficiency in banking operations. Decentralized smart banking also introduces new governance models through decentralized autonomous organizations (DAOs), where stakeholders participate in decision-making processes, ensuring greater accountability and responsiveness. Regulatory compliance can be achieved through smart regulatory frameworks embedded into blockchain protocols, ensuring that transactions align with financial regulations while preserving privacy. Furthermore, interoperability among various blockchain networks is being developed, which will enhance the scalability and adoption of decentralized banking solutions across borders. As blockchain technology matures and becomes more energy-efficient, decentralized smart banking presents a sustainable and resilient alternative to the traditional centralized banking model. However, widespread adoption still faces challenges, including regulatory uncertainty, technological complexity, and the need for enhanced user education and infrastructure. Nevertheless, the potential of decentralized smart banking to democratize financial services, enhance operational transparency, and foster innovation in the global financial ecosystem is immense. As financial systems evolve, the integration of blockchain into smart banking not only modernizes banking infrastructure but also empowers individuals and businesses with greater autonomy, security, and accessibility in managing their finances. Thus, decentralized smart banking using blockchain technology heralds a new era of inclusive, transparent, and intelligent financial services.
Keyword Decentralized Banking; Blockchain Technology; Smart Contracts; Financial Inclusion; Decentralized Finance (DeFi); Digital Identity; Distributed Ledger Systems
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