Read the following passage carefully and answer the questions based on the passage:
Blockchain technology, which was first created for cryptocurrencies like Bitcoin, has the potential to revolutionize the banking industry by providing a decentralized, safe, and open way to handle financial transactions. Blockchain minimizes reliance on middlemen, lowers operating costs, and speeds up transactions—especially for international payments—by using a distributed network. However, there are a number of obstacles to overcome when integrating blockchain technology into international finance. These include the need for banks to reframe their responsibilities and retrain employees, security flaws, and regulatory uncertainty. To enable safe and effective adoption, strong legal frameworks must be developed. Despite these challenges, there is still a lot of interest in blockchain technology; estimates suggest that the banking industry's blockchain market will grow to $22.5 billion by 2026.
What challenges stand in the way of blockchain becoming widely used in global banking?
Show answer & explanation
Correct answer: C
Explanation
The provided passage states that "there are a number of obstacles to overcome when integrating blockchain technology into international finance. These include the need for banks to reframe their responsibilities and retrain employees, security flaws, and regulatory uncertainty." Option ‘C’ accurately reflects these challenges mentioned in the text.