The opportunity to apply Blockchain technology in participation banking services: The case of Turkey

Blockchain technology, which is developing rapidly in the financial services sector in a global sense, has led to the discovery and re-examination of the potential usage areas of Turkish participation banks. Blockchain technology presents Turkey's participation banks with chances to enhance their offerings and boost efficiency, with the goal of having a good effect on the overall banking system. Since Turkish participation banks play an important role in the process from meeting customer needs to providing basic and advanced banking services, they are a vital part of the financial structure in Turkey. In the face of modern technological problems and changes in consumer behavior, Turkish participation banks are trying to discover innovative technologies to increase transparency and security in their banking activities by improving the customer experience. Blockchain technology, in this context, aims to meet these needs by providing the recording of financial transactions and sensitive information and thanks to the reliable system it applies. Transaction history is distributed across a network of participating machines, making tampering difficult. Blockchain technology also leads to the execution of smart contracts, which are automated software programs programmed to execute trades when certain conditions occur. The main purpose of this study is to investigate the potential for implementing Blockchain technology in the services of participation banks in Turkey because these services are a crucial component of the country's banking system. After reviewing numerous studies, phone calls, conversations, and emails about Blockchain and participation banks, a data set for the study was compiled. The issues surrounding the use of the aforementioned technology in participation banks' services, as well as the barriers to its adoption and inability to hasten its expansion, have been analyzed in the data The answers, concepts, and facts that were gathered during the study process led to a number of findings that shed light on the potential application of Blockchain technology to participation banks' services. Keywords: Blockchain Technology, Participation Banks, Fund, Bitcoin, Services of Participation Banks