Abstract
The term "Fintech" (Financial Technology) refers to software and other spearheading technology utilized by different organizationsto automate and enhance financial services. It refers to the technology that improves the backend system at traditional financial institutions. In FY22, $8.53 billion was invested in India's Fintech industry. It has been anticipated that FinTech industry will generate around $200 billion revenue by the year 2030 and overall throughput will be $1 trillion. Fintech is expanding quickly, yet there are several problems in the current fintech market including interacting with legacy systems like banks, data and payment security, compliance, lack of end-user awareness, retaining users, and user experience.Due to the development of fintech, more data is now accessible in digital formats, which facilitates analysis and the generation of insights but also increases the risk of security breaches. Blockchain is disruptive technology using which one can securely transfer money from one account to another account without using bank or any financial organization The term "distributed ledger technology" is often used interchangeably with "blockchain technology" in the financial services industry. Each transaction has a trustworthy record, thus there is no chance of changing to earlier ones. In essence, blockchain technology can completely ensure the accuracy of every transaction. In this study, the problems facing India's fintech industry are described in detail, and possible solutions employing blockchain distributed ledger technology are suggested. Additionally, it finds blockchain technology has the potential to enhance the security and efficiency of financial operations in the Indian fintech sector, there are challenges such as regulatory uncertainty and scalability that need to be addressed. The paper concludes with recommendations for the future development and adoption of blockchain technology in the Indian fintech sector.
Keyword
FinTech, Blockchain, FinTech India, Security, Cryptocurrency, DeFi
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