Review on Block Chain With Bit Coins Bank Transaction System

With block chain technology still in its early phases of study and application to modernize the world's e-payment infrastructure, cost effectiveness and efficiency are important challenges. Price volatility and scalability issues also throw doubt on virtual currencies' (VCs') suitability as efficient and effective payment mechanisms, particularly in developing nations. While VCs have significant limitations in replacing physical currency, the block chain technology that underpins their design can be used in areas such as international trade, trade finance, and cross-border remittance transfers, in addition to plugging leakages in social benefit transfers in low-income countries. While it can be used to create digital land records, financial inclusion, and benefit transfers to low- income households in developing countries, significant challenges remain in terms of internet connectivity, higher transaction costs, electricity supply deficits, and low levels of financial literacy