The application of blockchain technology in the financial and banking sector.

Abstract

The blockchain technology, a distributed ledger technology (DLT), works through the use of cryptography and therefore the operations carried out enjoy immutability, security and transparency. Due to its characteristics and potential applications in the different sectors it is causing a great impact at present. Of all the sectors, it is very likely that the financier is the most affected by the irruption of this technology. This work focuses on the blockchain technology in which its operation is analyzed, the areas of application as well as the benefits it entails and the limitations that it must face. In particular, this paper studies the importance of this innovation for the finance and banking sector. On the other hand, the banking experience in this field is described, through an analysis of the use cases of the IBEX 35 member banks to determine the type of platform in which they show the greatest interest.