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Enhancing Data Security in Financial Institutions with Blockchain Technology

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  • Fnu Jimmy

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.

Suggested Citation

  • Fnu Jimmy, 2024. "Enhancing Data Security in Financial Institutions with Blockchain Technology," Journal of Artificial Intelligence General science (JAIGS) ISSN:3006-4023, Open Knowledge, vol. 5(1), pages 424-437.
    • Handle: RePEc:das:njaigs:v:5:y:2024:i:1:p:424-437:id:217
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