Blockchain Technology and Its Implications for Financial Transactions and Security

Abstract

Blockchain technology, originally designed to support crypto currencies like Bit coin, has evolved into a transformative tool with broad applications beyond digital currencies. This paper explores the implications of Blockchain technology for financial transactions and security, highlighting its potential to enhance transparency, reduces fraud, and streamlines processes. By examining various Blockchain implementations and their impacts on financial systems, we assess how this technology addresses issues of trust, efficiency, and security in financial transactions. The paper also addresses the challenges and limitations of Blockchain adoption, including scalability, regulatory concerns, and integration with existing systems. This comprehensive review aims to provide insights into the future trajectory of Blockchain technology in the financial sector and its potential to revolutionize traditional financial practices.