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N. Surekha et al.

Fig. 12 SWOC analysis of IoT and BCT in the banking industry

various application scenarios [36]. “A blockchain is essentially a distributed database

of records or public ledger of all transactions or digital events that have been executed

and shared among participating parties. Each transaction in the public ledger is

verified by the consensus of a majority of the participants in the system. Once entered,

information can never be erased. The Blockchain contains a certain and verifiable

record of every single transaction ever made” [37]. However various risks such as

technical risk, technology risk, operational risk, legal risk as well as regulatory risk

involved in the implementation of blockchain technology is a matter of concern

[38]. Being a disruptive technology, Blockchain technology has an immense impact

on finance and banking industry with the conception of Bitcoin. Bitcoin being a

permissionless blockchain technology has been widely used by several countries

for the payment of goods and services. Yet one needs to understand the underlying

challenges involved in permissioned blockchain technologies such as Ripple [39].

Based on the above discussions about application of blockchain technology enabled

IoT in the banking sector, SWOC analysis is presented in Fig. 12.

6

Conclusion

Banking sector has evolved to what it is today due to major technological changes

that this industry has adopted. From manual maintenance of accounts to comput-

erized accounts to e-passbooks, MICR cheques to Internet transfer of payments,

cheque clearance centers to NEFT/RTGS, introducer to a bank account to eKYC,

queueing in the banks to no physical existence of branches and m-banking, the evo-

lution is ongoing. Banking sector is the backbone of Indian Financial System and it

is imperative that this strong system is reinforced without compromising on safety

and privacy of customers’ data and hard earned earnings. Blockchain technology is

making itself felt in the banking sector as an indispensable force in data management

and transparent money transfer. The integration of Blockchain technology into the

banking domain is inevitable and it is the responsibility of the research-industry-