A Blockchain technology is the basis of Bitcoin which has acknowledged widespread attentions recently. It is also known as distributed, indisputable and digital ledger which registers the transactions in the same order it is generated in a close real-time. In blockchain, transactions take place in a decentralized manner. The subsequent transactions can be included to the ledger only by the agreement of the participants in the network which is known as nodes The subsequent transactions can be added to the ledger only by the agreement of the participants in the network which is known as nodes. The applications of blockchain extending from banking, crypto currency and financial services, risk managements, social services and Internet of things. This paper explains a broad impression of blockchain technology in banking applications and recent advances
4.2 DApps DApps stands for decentralized applications that cannot execute on a centralized machine. Dapp runs on a distributed network nodes It protects participant information. Smart contracts allow DApps to connect to blockchain technology for conducting pre-programmed operations. A smart contract or DApp is well-defined in a Ethereum as a transaction protocol to accomplish group of contracts on a cryptographic blockchain. Examples of DApps are OpenBazzar, LaZooz, Twister, Gems etc., 4.3 DAOs and DACs / corporations are more complex form of a decentralized application. They are notions derived from AI. In a DAO/DAC, smart contracts are Decentralized autonomous organizations
id: c1aebbff791cdf22d3b0c659b8161f0e - page: 3
International Research Journal on Advanced Science Hub (IRJASH) 114 www.rspsciencehub.com Volume 02 Issue 08 August 2020 running on blockchains that perform ranges of predefined tasks based on conditions. and changing events. Smart contracts operating on the blockchain can perform the functions of real world as well as can to an autonomous corporation. instantiate the model 5. Blockchain Technology In Banking
id: 123606629dac3d3b8e113b0c385bb8f1 - page: 3
Blockchain is a dispersed ledger of transactions, a multi-tiered technology that potentially organize the behavior of customers and their assets based on a mode of transaction ledgers. Registering the insurance electronic blockchain makes transaction scam not possible. Authentication of is instant and can be performed by anyone at anywhere. The blockchain may moderate the processing costs appreciably by storing the information in blocks. All major banks can exercise blockchain which could be used for transfer the money, maintain the records and additional back-end function of blockchain can replace the paper-based global trade business procedure to an electronic decentralized ledger that offers all the participating entity, including banks, the competence to access a single source of information. It also permits them to pursue all documentation and authorizes ownership of assets digitally, as an irreversible ledger in real time. transactions in a global the transaction accuracy
id: 8e76097077285ab202dff187631e22e8 - page: 4
The 5.1. Crowd funding It is a method of raising the capital for a big project such as scientific projects, space research etc., from large amount of people where each one can contribute a small amount of data. In a traditional approach the amount donated by the crowd will be collected by a single organisation where malpractices, fraud, information asymmetry may arise during the fund raising activities. Blockchain is an emerging technology where financial companies can make and verify transactions on a network directly without a central authority. Each transaction made in the blockchain needs to be approved and preserved in the ledger maintained by all the nodes. 5.2 KYC (Know Your Customer):
id: 97482ee0c85cd0ef4304d7f3408140f7 - page: 4