Our world is becoming smart and more interconnected, as evidenced by technological trends such as smart banking, smart health services, supply chain and logistics, smart city, and also the smart nation. Security and safety are the two major considerations in these smart technologies and applications used today. For this every new day some security & privacy application software is developed and implemented. The latest technologies that is widely used and implemented in many sectors is blockchain-based security. This blockchain technology is used in a number of industries like- Banking and financial services, media, entertainment, manufacturing, healthcare, insurance and many more. Out of major technology applied today, Blockchain has become the demanding applications out of various industry-based applications. According to a latest statistic out of all sectors banking sector contributes about 30% in application of Blockchain technology. In this paper, we have presented a structured review of existing Blockchain technology, blockchain-based solutions, particularly for banking-based applications. We have highlighted the facts and drawbacks of various state-of-the-art approaches. This paper also states the challenges and future of the blockchain with the future scope and applicability of the technology so that this gives a clear understanding to the other researchers and professionals.

Keywords: Banking, Blockchain, Internet Banking, Banking Transactions, IBBIC.