Challenges And Opportunities Associated With Blockchains And Cryptocurrencies In The Banking Industry

If the current economic market is any indication, blockchain - best known for its groundbreaking application in the cryptocurrency Bitcoin - is the most disruptive technology for the financial sector since the invention of the Internet. While Bitcoin has naturally been the most popular implementation of the technology, blockchains are finding their way into many more applications. This paper explores the working of blockchain technology in Bitcoin, and other, more advanced cryptocurrencies. It goes on to discuss the advantages of incorporating blockchains in the banking industry, and offers potential applications of the same in various industries.