Understanding Modern Banking Ledgers through Blockchain Technologies: Future of Transaction Processing and Smart Contracts on the Internet of Money

TL;DR

This paper explores how blockchain technology can revolutionize banking by enabling global remittance, smart contracts, and digital assets, highlighting key issues for implementation in financial systems.

Contribution

It provides a comprehensive overview of blockchain's potential in banking, focusing on second-generation smart contract developments and implementation challenges.

Findings

Blockchain enables secure, transparent global remittance.

Smart contracts automate banking processes effectively.

Key issues include security, scalability, and regulatory considerations.

Abstract

In this chapter we provide an overview of the concept of blockchain technology and its potential to disrupt the world of banking through facilitating global money remittance, smart contracts, automated banking ledgers and digital assets. In this regard, we first provide a brief overview of the core aspects of this technology, as well as the second-generation contract-based developments. From there we discuss key issues that must be considered in developing such ledger based technologies in a banking context.