THE CRITICAL ROLE OF IMPLEMENTING BLOCKCHAIN TECHNOLOGY IN ENHANCING FINANCIAL RISK MANAGEMENT IN BANKING COMPANIES

Abstract

Banking experts now encourage the adoption of blockchain technology in order to employ intelligentagreements and increase revenue proportions at the end of the fiscal year. Inconsistency and personalmistake have presented a number of difficulties for lenders and accountants conducting complex andcrucial financial processes. Blockchain technology has recently been utilized for predicting crucialcomputations and addressing issues pertaining to numerous financial processes, in addition to its paymentintegrity and risk management possibilities. After conducting a nationwide survey, the researchersgathered and assessed pertinent financial data as well as transaction information.To gather comments on the research issue, researchers around the UK have also conducted surveys with 3questions and 80 participants. In the research article, researchers will examine how well blockchaintechnology may improve business danger planning and management. According to research data gatheredusing a probability sample method, 48% of respondents are in favour of using blockchain to maintainbanking transaction history more efficiently. In contrast side, after removing the need for a third party andreducing operating costs, about 57% of people supported the usage of blockchain. In addition, almost58% of the company could benefit boosting security measures and analyzing financial dangers to improvebanking effectiveness. The authors of this study demonstrate a sincere desire to explore the advantages of implementing blockchain based in the financial industry in order to quickly address future financial
difficulties.