Adaptation of Blockchain Technology in the Mobile Banking System in the Context of Bangladesh

The mobile banking system is now very interested in blockchain technology because of its security mechanisms, data availability, increased transaction processing speed, and decentralized a database. Users of mobile financial institutions (MFIs) can use a mobile device to deposit money, withdraw cash, and send and receive money from their accounts. Mobile banking allows users to access account information, payments, deposits, withdrawals, and transfers, as well as investments, ATM assistance, and content services. The distributed ledger technology (DLT), often known as a blockchain, is a tamper-proof digital ledger that can store data and distribute it among connected nodes. Many scholars have contributed to the blockchain technology and consensus mechanism in their earlier studies. The process of integrating consortium blockchain technology and the Proof of Authority (POA) consensus protocol into Bangladesh’s mobile banking system is the subject of this research. A model of blockchain architecture with its classification and consensus protocol is also discussed. Moreover, the 51% security level of POA consensus protocol is justified. This initiative will have a huge impact on the financial industry, as well as improve the security of mobile banking.