ISSN: 2225-8329
Open access
This study reflects on the possibilities of banking institutions using blockchain technology, focusing on empowering the position of consumers and market players in Malaysia the banking sector. The technology advantages, risks and limitations are critically reviewed in order to understand how the technology works, but also how the technology provides the added values for consumer and other stakeholders in banking sector. While still an experimental technology, scholars and bankers argued that using blockchain could enhance innovations in the operational and delivery. Among the challenges of blockchain technology includes disparities and ambiguities in present fintech regulations and other policies warrant the analysis on current blockchain practices in banking delivery, cybersecurity challenges and the potential for fraudulent and criminal activities throughout blockchain. This study employed purely doctrinal research and qualitative analysis. The overall studies involved analysis of blockchain technology in terms of speed, functionality, security and accessibility. This study also explored the approach adopted by UK and US and approach to ensure blockchain technology are consumer –oriented and cyber securities concerns to address blockchain shortcomings and potential challenges to financial consumer welfare and other related policies. The findings revealed that blockchain is a promising financial technology that could eliminate plausible fraud transactions by making the transactions immutable, verifiable and traceable. However, this disruptive innovation shows several disruptions in banking traditional delivery system for example fluctuate costs, ambiguous decentralization structure vulnerable to anti–competitive practices under competition law and create risks to money laundering activities.
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In-Text Citation: (Amin et al., 2023)
To Cite this Article: Amin, W. L. M., Ali, S. A. M., Ali, S. A. M., Jusoh, N. S., & Zulfakar, M. M. (2023). Blockchain Technology a Structural Shifts in Banking Sector: Consumer-Oriented Measures. International Journal of Academic Research in Accounting Finance and Management Sciences, 13(2), 733–747.
Copyright: © 2023 The Author(s)
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