The Role of Blockchain in Securing Financial Transactions
DOI:
https://doi.org/10.62802/2ad9q749Keywords:
Blockchain, financial transactions, security, decentralized ledger, cryptographic security, smart contracts, cross-border payments, transparency, scalability, regulatory challengesAbstract
Blockchain technology has emerged as a transformative solution for enhancing the security and transparency of financial transactions in the digital age. By leveraging its decentralized and immutable ledger, blockchain minimizes the risks associated with fraud, unauthorized access, and data breaches in financial systems. This research examines the role of blockchain in securing financial transactions, focusing on its core features such as distributed consensus, cryptographic security, and transparency. It explores real-world applications, including cryptocurrency transactions, cross-border payments, and smart contracts, highlighting their impact on reducing transaction costs and increasing trust. Furthermore, the study addresses challenges such as scalability, regulatory concerns, and energy consumption associated with blockchain technology. By evaluating existing use cases and future potentials, this research provides a comprehensive framework for integrating blockchain into financial systems. It underscores the importance of collaboration between financial institutions, regulatory bodies, and blockchain innovators to create a secure and sustainable digital financial ecosystem.
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