Blockchain is becoming synonymous with every industry vertically and is sweeping the globe as it integrates with essential business operations. Blockchain technology is fully decentralized and uses a ledger-based system to record data and process transactions using multiple computers over networks. The best part about blockchain is that you can put any digital asset onto the chain and initiate a transaction. Unlike traditional banking systems, the data will always stay secure, and no intermediaries will be involved. Blockchain is expected to revolutionize the banking business, and it’s no surprise that it is changing how customers conduct transactions. It replaces and streamlines the traditional banking processes with innovative approaches that are more secure, efficient, cost-effective, and transparent. The technology behind blockchain is still new, and there are many challenges to overcome.