Abstract

The development of financial applications inside the newly growing Digital Financial Ecosystem in India has increased the possibility for cybercrime. As a result, offenders have increased their misleading tactics in order to deal with the evolving digital landscape in India. The growing number of phishing attacks in India is a striking illustration of the fact that the system itself serves as a fertile ground for cybercriminals. This article will provide an illustration of the mechanism behind blockchain technology and the potential to serve as a model for promoting transparency and digital identification among consumers as well as the benefits of utilising the technology within the financial ecosystem. This paper will also discuss the compatibility of the technology within the peripherals of Digital India. This would allow for the maintenance of a financial management system that is free from identity theft and other illicit methods such as phishing. In terms of the infrastructure requirements and the vision of the government bodies that are prescribed, the utilisation of such a technology is both exhaustive and comprehensive. In addition, the study will assess the presence of blockchain technology in a variety of government models that are not based in India in order to present a clear picture of the likely future of the Indian Financial System.

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