Leveraging Blockchain Technology …

203

Fig. 11 Blockchain technology enabled loan syndication system

and smart contract, thereby reducing frauds and fraudulent transactions. From the

operations point of view, BCT will improvise the record-keeping system, speed up

the settlement process, reduce human intervention, eliminate time lag, reduce error,

and weed out unnecessary third parties, thereby lowering operational, financial, and

transaction costs. BCT also takes care of the regulatory compliance and renders the

transactions to immediate audit by the participants. Governance-wise, BCT offers a

maximum advantage in terms of immutability and tractability. Layering BCT with

IoT will streamline the business process and provide real-time speed in communica-

tion and transactions as shown in Fig.11.

5

SWOC (Strength Weakness Opportunities

and Challenges) Analysis on Blockchain Technology

in Banking

Technological development over the years along with the emergence of the internet

impacted the banking sector tremendously. No one can deny the convenience, speed,

efficiency, effectiveness, and transparency technology has brought into the banking

sector [35]. Competitive atmosphere along with customer expectations forced the

banks to focus on product and service innovations. The advent of internet finance also

has posed multiple challenges in the traditional banking businesses. Internet finance

is perceived as a boon due to the four important characteristics namely conducive

payment infrastructure; multiple service integration, multi-channel integration, and