B.S.Vara Prasad, G.Mahathi, P.Sree Sai Deeksha, G.Keerthi Reddy, G.Vamsi Krishna 03 4 n the current time of drastic and revolutionary changes it is imperative to radically rethink business models and archetypes in general Traditional financial services providers banks in particular are lagging behind the pace of technology development According to one report from Accenture most large banks use systems from the 1970s or even the 1960s and newer computing technologies are simply laid on top of this foundation to support providing banking services online or via mobile devices Currently the global financial system is enormous but it is very cumbersome to transfer money Financialmiddlemen are required to transfer any sum of money each of which takes a service charge During the transfer of money the frauds may occur and there will be a huge loss in the economy Blockchain reduces the number of middlemen while increasing the security both of which will reduce costs Copyright (c) World Journal of Pharmaceutical Seiences. All rights reserved 2026