The Role of Blockchain Technology in Enhancing Financial Security amidst Digital Transformation

Sridhar Reddy Yerram; Dileep Reddy Goda; Ravikiran Mahadasa; Suman Reddy Mallipeddi; Aleena Varghese; Janaki Rama Phanendra Kumar Ande; Pavani Surarapu; Sreekanth Dekkati

doi:10.18034/abr.v11i3.694

Authors

Sridhar Reddy Yerram Technology Engineer, PNC Financial Services, 620, Liberty Ave, Pittsburg, PA-15222, USA
Dileep Reddy Goda Software Engineer, iMINDS Technology Systems, Inc. (Apple), 12545 Riata Vista Cir, Austin, TX 7872, USA
Ravikiran Mahadasa Senior ETL Lead, Data Inc. (Wells Fargo), CIC BLDG 3, 1525 W W.T. Harris Blvd, Charlotte, NC 28262, USA
Suman Reddy Mallipeddi Lead Software Engineer, Discover Financial Services, 2500 Lake Cook Rd, Riverwoods, IL 60015, USA
Aleena Varghese Software Developer, IT WorkForce (Schneider Electric), 127 E Michigan St #100, Indianapolis, IN 46204, USA
Janaki Rama Phanendra Kumar Ande Architect, Tavant Technologies Inc., 3945 Freedom Cir #600, Santa Clara, CA 95054, USA
Pavani Surarapu Senior Java Full Stack Developer, United Services Automobile Association (USAA), Plano, Texas, USA
Sreekanth Dekkati Assistant Vice President (System Administrator), MUFG Bank, New York, USA

DOI:

https://doi.org/10.18034/abr.v11i3.694

Keywords:

Blockchain Technology, Financial Security, Digital Transformation, Cryptocurrency, Decentralization, Distributed Ledger, Cybersecurity, Fintech Innovations

Abstract

Amid the digital revolution, this study explores how blockchain technology can improve financial security. The primary goals are to examine how blockchain technology reduces cyber threats in the financial industry, evaluate regulatory factors that should be considered before adopting blockchain, and investigate the prospects for blockchain going forward. A review process based on secondary data is utilized, referencing academic articles, reports, and regulatory documents. Significant discoveries show that blockchain provides creative ways to reduce cyber threats, improve transparency, and foster financial transaction confidence. Nevertheless, issues, including adoption obstacles, regulatory uncertainties, and technological restrictions, must be resolved to reach their full potential. The policy implications indicate that stakeholders must collaborate, do continuous research, and establish clear regulatory frameworks to promote responsible blockchain adoption in the finance industry. Blockchain technology can transform financial security and encourage creativity in the digital world.

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