Study on the waves of blockchain over the financial sector

In the modern finance sector, Blockchain (BC) is a widespread theme technology. It is a technology with a distinct combination of features like distributed notes, consensus algorithm, decentralized structure, storage mechanism, smart contracting, and asymmetric encryption for assuring the transparency, visibility, and security of the network. Banks and financial organizations are the key factors in modern society. Thus, security and other terms such as privacy, scalability, and transparency need to be maintained in this sector. In that context, BC is widely used in the financial sector. Though the BC results in various benefits like immutability, security, decentralization, consensus, unanimous, and faster settlement, still it lacks some points on enhancing the financial sectors. It mainly lacks security, maintaining privacy, protection against cybercrime, and energy consumption. Therefore, the study reviewed the waves of BC in the financial sector, along with this the study also presents the application of BC in a financial organization. Followed by this, issues and problems in the BC over financial sectors are also reviewed. The study was performed in a range of supporting future researchers to implement an efficient BC network in the financial sector.