One of the most talked-about topics in the financial services industry today is blockchain banking. If fully adopted, it will enable banks to process payments more quickly and more accurately while reducing transaction processing costs and the requirement for exceptions.
Blockchain, the technology underpinning the crypto currency could revolutionize the world economy. Blockchain is basically a distributed ledger. It can store facts like, who owns a particular piece of land or say a bond. The technology can be used to keep an immutable record of ownership and enable transaction of the asset amongst distrusting parties.
The Rising Significance of Blockchain in the Banking Sector:
- Disintermediation: Blockchain provides transaction immutability and distributed ledger architecture, which are key requirements for eliminating the need for an enforcer of trust in the ecosystem. Tamper-proof distributed data enables an environment in which trust is not an issue and allows counterparties to operate with the knowledge that they all have the same version of the truth at all times and its history cannot be altered.
- Transparency: Blockchain technology will significantly increase transparency between market participants. Blockchain implementations promote the creation of a public record of activity in the ecosystem to which all market participants have access in real time.
- Provenance: Blockchain maintains an immutable record of transactions and therefore asset ownership since the time the asset first appears in a transaction on the blockchain. This significantly reduces risk and the need for associated mitigating operations for multiple asset types. This capability will enable the reduction of the occurrence of theft, fraud and misspelling of high value assets and intellectual properties. It will also help for assets where its provenance determines value by creating a digital footprint on the blockchain.
In order to stay competitive, more and more banks are adopting Blockchain technology which will allow them to further improve the transaction velocity, reduce fraud risks and boost their business growth by offering holistic payment solutions.
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