Journal of Legal, Ethical and Regulatory Issues (Print ISSN: 1544-0036; Online ISSN: 1544-0044)


Effect of Blockchain Technology on the Banking Sector: Law's Point of View

Author(s): Sabir Mohammad Mahmoud Al Mezel, Yasmeen Mohammad Hasan Younis

This study addressed the concept of Blockchain technology, its characteristics, advantages, and most important applications. It also presents the various forms of this technology. More precisely, it determines its role played in the banking services sector and in raising the level of protection required to provide these services. It, furthermore, identifies its role in raising the level of efficiency and speed when providing such services. Additionally, it determines its role in reducing the fees that banks charge from customers for providing the services. Accordingly, the main objective of this study is to determine the extent to which Blockchain technology can be relied upon in the banking services sector, and to discuss its potential impact on the future of this vital sector from law’s point of view. This comes from the belief that the legal aspect will be one of the most important issues on which the use of this modern technology in the banking services sector depends.

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