AI and blockchain technology for secure and transparent financial transactions

D Priyadarshana *, T Ramachandra Rao  and M Sambasiva Rao

Individual Researcher, Bangalore, India.
 
Review
International Journal of Science and Research Archive, 2024, 13(01), 2013–2019
Article DOI: 10.30574/ijsra.2024.13.1.1845
Publication history: 
Received on 19 August 2024; revised on 02 October 2024; accepted on 04 October 2024
 
Abstract: 
The integration of Artificial Intelligence (AI) and blockchain technology presents a transformative approach to enhancing the security and transparency of financial transactions. Blockchain’s decentralized and immutable ledger system ensures that transaction records are tamper-proof and transparent, significantly reducing the risk of fraud and errors. AI, with its advanced data analytics and machine learning capabilities, further augments this ecosystem by providing real-time monitoring, predictive analytics, and automated decision-making processes. Together, these technologies enable more efficient and secure financial operations, from cross-border payments to trade finance and asset management. This paper explores the synergistic potential of AI and blockchain in revolutionizing the financial sector, highlighting key applications, benefits, and challenges. By leveraging the strengths of both technologies, financial institutions can achieve unprecedented levels of security, efficiency, and trust in their operations.
 
Keywords: 
Artificial intelligence; Cyber threats; Financial services; Data security; Risk assessment
 
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