Event Title

Application Possibilities of Blockchain Technology in Banking Sector in terms of Data Security and Privacy

Session

Information Systems and Security

Description

The goal of the research paper attends to explorer the existing and possible application areas of block chain technology in a banking sector with special focus in data security and privacy. The study presented with this research area aims to give a small contribution by further exploring existing and future possibilities of blockchain in banking industry that further enhance privacy and data security concerns that we face today in traditional centralized banking ecosystem. The research paper method is primarily ‘exploratory’ in its nature using qualitative based approach using mainly literature review and internet research. To further explore application areas a case study is taken as a reference from financial sector: an Estonian Bank LHV will be taken for use case, a bank that embraces blockchain in its early development by issuing 100.000EUR worth of cryptographically protected receivables claims. The paper ultimately tries to uncover research questions which hopefully will bring a better understanding as how far blockchain adoption has taken place and show the concerns that banks and regulators have in this “gold rush” era.

Keywords:

Data Security, Privacy, Banking Sector, Blockchain Technology

Session Chair

Patrik Elm

Session Co-Chair

Blerton Abazi

Proceedings Editor

Edmond Hajrizi

ISBN

978-9951-437-69-1

Location

Pristina, Kosovo

Start Date

27-10-2018 10:45 AM

End Date

27-10-2018 12:15 PM

DOI

10.33107/ubt-ic.2018.198

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Oct 27th, 10:45 AM Oct 27th, 12:15 PM

Application Possibilities of Blockchain Technology in Banking Sector in terms of Data Security and Privacy

Pristina, Kosovo

The goal of the research paper attends to explorer the existing and possible application areas of block chain technology in a banking sector with special focus in data security and privacy. The study presented with this research area aims to give a small contribution by further exploring existing and future possibilities of blockchain in banking industry that further enhance privacy and data security concerns that we face today in traditional centralized banking ecosystem. The research paper method is primarily ‘exploratory’ in its nature using qualitative based approach using mainly literature review and internet research. To further explore application areas a case study is taken as a reference from financial sector: an Estonian Bank LHV will be taken for use case, a bank that embraces blockchain in its early development by issuing 100.000EUR worth of cryptographically protected receivables claims. The paper ultimately tries to uncover research questions which hopefully will bring a better understanding as how far blockchain adoption has taken place and show the concerns that banks and regulators have in this “gold rush” era.