Blockchain Innovation and Its Impact on Business Banking Operations

Blockchain has become one of the hottest technologies in the market, and has immense potential to reshape current business operations in multiple industries, particularly the banking sector. Its impact comes through the facilitation of fund transaction, securities trading, data analytics, and risk management. This study identifies the key characteristics of blockchain that cultivates competitive advantages applied in the banking sector. We discuss how blockchain's capabilities cultivate a new form of data monitoring, analysis and storage. We identify the nine key challenges to be mindful of, before considering a strategic shift onto an entire infrastructure based on such new blockchain technology.