Blockchain based Internet of Things (Debashis De, Siddhartha Bhattacharyya etc.)

Leveraging Blockchain Technology

for Internet of Things Powered Banking

Sector

Nayak Surekha

, Rangasamy Sangeetha

, Chellasamy Aarthy

Rajamohan Kavitha

, and R Anuradha

Abstract Banking sector contributes to 70% of Indian Gross Domestic Product

(GDP) and for India to meet its economic aspirations, it should enable this viva-

cious sector to grow at 8–10 times of its current pace, in the next ten years. This

pace of active growth requires a double engine of sophisticated technology and a

tech enabled, scalable, and a secured banking system. Implementing Blockchain

Technology (BCT) in the banking sector, provides a realistic solution which when

coupled with devices connected by the Internet of Things (IoT), will result in secured,

fast-paced, cost effective, and transparent growth of the sector. The prevalence of per-

sonalized banking, secured banking, connected banking, and digital banking are use

cases, made possible through interface with IoT. This chapter delves into the oppor-

tunities in the banking sector to be explored and challenges to be met in the BCT-

IoT implementation process. BCT- and IoT-based opportunities such as peer-to-peer

lending, Know Your Customer (KYC) updation, Cross-border transfer payments,

syndicate lending, fraud reduction are some of the banking operations that are elab-

orated. To strengthen the banking network, the consensus algorithm of Blockchain

network is much required and the use of IoT devices to act as nodes is pertinent. The

blend of both in the banking space has to be further reinforced.

N. Surekha · R. Sangeetha (B) · C. Aarthy · R. Anuradha

School of Business and Management, CHRIST University, Bangalore, India

N. Surekha

C. Aarthy

R. Anuradha

R. Kavitha

School of Sciences, CHRIST University, Bangalore, India

D. De and S. Bhattacharyya (eds.), Blockchain based Internet of Things,

Lecture Notes on Data Engineering and Communications Technologies 112,

https://doi.org/10.1007/978-981-16-9260-4_8

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