Development Factors of Blockchain Technology Within Banking Sector

A concept of blockchain technology is a hybrid of mathematics, information technology and cryptography. This combination of well know technologies allows treat blockchain like a solution which can move banking sector to the next level of development. Blockchain technology can be also identified as a disruptive tool with a promise of huge implementation potential. Nevertheless, blockchain technology should be treated only in category of support for existing systems and models in the perspective upcoming years. The process of implementation, adoption and diffusion of blockchain technology within global business requires capital, recourses and reengineering currently understanding of global economy. Blockchain features especially valuable for banking i.e.: transparency, immaturity, safety, publicity, cost saving, time stamped and speed. The global banking sector is currently exploring implementation potential of blockchain technology in the context of payments, services, financial management. The main aim of the article is to clarify the implementation potential of blockchain technology, the risk related to implementation process, challenges and opportunities produced by blockchain for banking sector. The paper is aimed at critically analyzing the impact of blockchain technology for banking industry. Methods applied for this paper are case study and literature review.