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2 Blockchain For Secure Financial Transactions

This paper discusses how blockchain technology enhances security and efficiency in financial transactions by providing a decentralized and tamper-proof ledger system. It highlights applications such as cryptocurrencies, smart contracts, and fraud prevention while addressing challenges like scalability and regulatory compliance. Ultimately, blockchain is positioned as a transformative force in the financial sector, contingent on overcoming existing hurdles.

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mandy07ster
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9 views1 page

2 Blockchain For Secure Financial Transactions

This paper discusses how blockchain technology enhances security and efficiency in financial transactions by providing a decentralized and tamper-proof ledger system. It highlights applications such as cryptocurrencies, smart contracts, and fraud prevention while addressing challenges like scalability and regulatory compliance. Ultimately, blockchain is positioned as a transformative force in the financial sector, contingent on overcoming existing hurdles.

Uploaded by

mandy07ster
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Paper 2: Blockchain for Secure Financial Transactions

Abstract: Blockchain technology provides a decentralized and secure framework for


financial transactions. This paper examines how blockchain enhances security,
reduces fraud, and improves efficiency in banking and finance.

Keywords: Blockchain, security, finance, transactions, decentralization

Introduction: The rise of digital transactions has increased concerns about security
and fraud. Blockchain offers a tamper-proof and transparent ledger system to address
these issues.

Applications of Blockchain in Finance:

Cryptocurrencies: Bitcoin and Ethereum utilize blockchain for secure peer-


to-peer transactions.


Smart Contracts: Automating contractual agreements without intermediaries.


Fraud Prevention: Blockchain’s immutability reduces financial fraud and


data breaches.


Cross-Border Payments: Enhancing transaction speed and reducing costs.

Challenges and Future Prospects: Scalability, regulatory compliance, and energy


consumption remain challenges for blockchain adoption.

Conclusion: Blockchain technology is reshaping the financial sector by providing a


secure and transparent transaction framework, but overcoming technical and
regulatory hurdles is essential.

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