The financial services industry is all set to undergo a sea of change. This is because of the blockchain technology, which powers bitcoin transactions and offers some superior advantages compared to traditional banking.
Blockchain banking is one of the most talked about topics in the financial industry in recent times. It’s ability to provide transparent, speedy, and secure cheap transfer has made it one of the hottest banking trends today. The remarkable characteristics that makes blockchain a very promising and in-demand solution are :
Some of the possibilities blockchain could bring to the Banking industry.
Crypto-currencies are doing the rounds in various forms on the blockchain platform to not only connect their IoT devices but also automate their payments.
Blockchain’s distributed ledger technology (DLT), helps corporates to establish better governance and standards around data sharing and collaboration.
Blockchain uses smart contracts to potentially automate manual processes, from compliance and claims processing, to distributing the contents of a will.
Blockchain removes the middleman in asset rights transfers, lowers asset exchange fees and gives access to wider global markets.
Blockchain helps users to choose how they identify themselves and with whom they agree to share their identity.It also makes it possible to re-use the identity verification for other services.
Blockchain supports cross-border payments which are faster and less expensive than traditional systems. Besides, it does not require third-party authorization too.