Comparative Analysis of Blockchain Usage In Icici and Sbi

Abstract

The origins and fundamental features of blockchain technology, dating back to 1991, play a pivotal role in comprehending its influence across various industries, particularly in banking. Its inception aimed at securing digital documents, but its significance burgeoned with the advent of Bitcoin in 2009 by Satoshi Nakamoto. Bitcoin's emergence underscored blockchain's potential as a decentralized ledger, ensuring transparent and secure transactions sans central oversight. Subsequently, Ethereum, introduced in 2014, broadened blockchain's horizons with smart contracts, simplifying its interface and enabling diverse applications beyond cryptocurrencies. This decentralized structure not only bolsters transparency, security, and efficiency but also mitigates the risks of fraud and manipulation. Smart contracts automate processes, fostering trust less transactions, thereby amplifying blockchain's utility. In banking, blockchain offers unprecedented prospects for fortifying payment infrastructure security, streamlining processes, and easing compliance procedures through transparent and immutable transaction records. Despite challenges, such as establishing a legal framework, Indian banks like ICICI, HDFC, and SBI are embracing blockchain for trade financing, remittances, and KYC verification. Moreover, private banks like for various bank sectors are leveraging blockchain domestic. Innovative solutions like blockchain-based internal settlement structures and digital asset exchange platforms are also gaining traction within the Indian banking landscape. This trajectory underscores blockchain's potential to revolutionize India's banking sector, ushering in an era of enhanced contingent upon continued efforts to address challenges and establish regulatory frameworks