Banks, financial service providers and insurance firms are considered the lifeblood of modern civilization, acting as a stimulus for the growth and development of a country with a growing economy like India. A systematic review and bibliometric analysis were conducted to explore the potential impact of blockchain technology on the banking, financial services and insurance (BFSI) industries in developing countries like India. The study found 148 articles and 33 papers assessing the benefits of blockchain technology based on institutional, market and technological factors. Acting managers, decision-makers and experts place a premium on having a solid foundational view before deciding whether to implement blockchain technology in their banking system, and our study will unquestionably be useful to those individuals. Furthermore, institutional, market and technical factors can be used to analyse the benefits of implementing blockchain in the BFSI sectors. To better understand the applications, prospects and difficulties of using blockchain technology in the BFSI sectors, we will attempt to cover the theoretical background based on earlier research in the study.
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