Data Modeling
Mathematical and Computational Data Modeling
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Volume 3 Number 1 2022
RESEARCH ARTICLE (Open Access)
Analyzing the Impact of Using Blockchain Technology of MFS in Bangladesh
Umme Habiba
Data Modeling 3 (1) 1-8 https://doi.org/10.25163/data.3110812
Submitted: 17 April 2022 Revised: 04 June 2022 Accepted: 13 June 2022 Published: 15 June 2022
Abstract
Blockchain is the latest technology to create an impact on the fintech landscape and has already brought disruption to the financial industry. Financial industries can adopt blockchain for remittance, cross-border payment, payment processing, trade processing and settlement, and blockchain-enabled credit scoring. In Bangladesh, blockchain can be implemented in financial industries to fulfill the dream of being digital. In recent times, the mobile banking services of Bangladesh have been a blessing, because mobile banking systems like bKash, Upay, Rocket, Nagad, etc. are accessible to the masses, even in rural areas. However, that does come at the cost of privacy invasion to intermediary merchants, getting scammed by people who have the mobile number with recent transaction records of that particular account number, and various other methods. So it is high time to incorporate blockchain technology in mobile banking services to give customers a more secure and private transactional process for their banking needs and ensure a better customer experience. This paper examines the fundamental principles of blockchain technology, its impact on mobile financial services (MFS), and the resulting benefits in terms of security and privacy in Bangladesh. Additionally, it discusses the potential limitations and future directions of blockchain in further enhancing the security and privacy of MFS in Bangladesh.Keywords— Blockchain, Blockchain in Bangladesh, Digital Transaction, MFS, Blockchain security and privacy.
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