Security challenges in traditional banking supply chain and modern blockchain technology could be leveraged to alleviate these concerns

10^th Global Business and Marketing Studies Summit

March 14, 2022 | Webinar

Ikram Hasan

Universiti Tun Abdul Razak (UNIRAZAK), Malaysia

Scientific Tracks Abstracts: Jour of Busi & Fina Aff

Abstract :

Statement of the Problem: The traditional banking supply chain continues to be plagued by serious security concerns that have yet to be resolved. Commercial banks are all too familiar with the problem of bill forgery and credit risk, which plagues them on a daily basis. Traditional payment methods have significant drawbacks in cross-border payment operations, including a high service charge, a tiny remittance, a modest consumption in daily life, and a lengthy wait period to get the money. Cash flow risk is also present in the asset securitization market, which is a form of debt financing. The supply chain of banking and financial institutions has received scant attention to this point in time, in part due to a lack of research in the sector. In order to address traditional issues in commercial bank operation and management, such as cross-border payment processing, and asset securitization, this research aims to first analyze the development of blockchain technology before expounding on the theory of blockchain technology. Methodology & Theoretical Orientation: The researcher utilized secondary materials, such as publications such as books or journals, conference papers, or digital libraries, to present the findings of this research, which was conducted in order to determine the supply chain banking security risk. Then, in-depth interviews and focus group talks with industry professionals were conducted in order to determine how modern blockchain technology could be used to resolve these difficulties. Findings: The benefits of an asymmetric cryptography, consensus process, and distributed ledger structure can be used in commercial bank operations and administration to address security problems in the financial supply chain. Conclusion & Significance: When used properly, blockchain technology has the potential to lower transaction costs for both parties while increasing the operating efficiency of commercial banks in their operations and management. The use of blockchain technology to reduce the inherent security concerns in the financial supply chain has been recommended.

Biography :

Ikram Hasan works as a Research Assistant at the School of Business & Entrepreneurship at Independent University, Bangladesh, under the supervision of Professor Dr. Md. Mamun Habib. His previous experience includes working as a Teaching and Research Assistant at BRAC Business School at BRAC University. As an Intern and Junior Executive with Kuehne + Nagel Ltd. Chittagong office, Bangladesh, Mr. Ikram has also gained experience in the supply chain and logistics field. He also is part of the 2nd International Conference on Business and Management (ICBM 2019), ISBN: 978-984-3443540, organized by Brac Business School, Brac University, as an Executive of Conference Secretariat. Mr. Ikram Hasan is a Doctoral (Ph.D.) Student at Universiti Tun Abdul Razak (UNIRAZAK), Malaysia. In addition, he holds a Master of Business Administration (MBA) and Bachelor of Business Administration (BBA) with the highest distinction from BRAC University, Bangladesh. As a researcher, Mr. Ikram has produced about 8 research papers, including Conference Proceedings, Journal articles, and book chapters. His core research areas are supply chain management, blockchain in supply chain management, finance, and marketing.