A Study on the Impact of AI and Blockchain on Transparency and Security in Financial Services

Abstract : AI & Blockchain has led to a paradigm shift in making the financial sector more transparent & secure. Financial technologies have introduced a sense of security & transparency in the financial sector. Financial transactions have the benefit of a decentralized & immutable platform in the form of blockchain. The entire financial transaction is recorded in a decentralized ledger, which eliminates the chances of fraud. Contrary to this, AI algorithms analyze the financial data & provide an indication to the financial institutions to take note of suspicious activities. This research study explores the implications of the combination of AI & Blockchain in making the financial sector a transparent & secure platform. This research study also focuses on the implementation aspects & suggestions to make the best use of this technology in the financial sector.