Year: 2024
Type: article
Abstract: The rapid digitization of financial institutions has significantly increased the need for robust data security measures. Blockchain technology, with its decentralized and immutable nature, offers a promising solution to enhance data security in this sector. This paper explores how blockchain can address key security challenges faced by financial institutions, such as data breaches, fraud, and unauthorized access. By leveraging cryptographic principles and a distributed ledger system, blockchain ensures data integrity, transparency, and secure authentication. The potential benefits, limitations, and real-world applications of blockchain in financial security are also discussed to provide a comprehensive understanding of its impact on safeguarding sensitive financial data.
Author: Fnu Jimmy
Institution: Deloitte (United States)
Language: English
Subfield: Information Systems
Field: Computer Science
Domain: Physical Sciences
Open Access status: hybrid
OpenAlex ID: W4402345102