Banking and Finance

Blockchain makes it possible to reduce timeframes that have become accepted and established, such as the time from a loan application being approved to the funds actually being received, the time required for interbank or international transfers to be carried out, the time required for processing and confirming personal information, and so on. With a historically uncertain regulatory environment, low interest rates and due to digital disruption in the Banking Industry.

Advantages

Blockchain provides a much more cost-effective solution for our Banking needs. Blockchain systems could be far cheaper than existing platforms because they remove an entire layer of overhead dedicated to confirming authenticity. In the future, the implementation of blockchain in financial institutions will only increase because of its huge potential and enormous benefits and cost advantages to these organizations. According to one survey, on average these organizations will be able to save around 20 billion dollars by 2020 which is a huge amount of cost reduction. Moreover, in a distributed ledger system, confirmation is effectively performed by everyone on the network, simultaneously. This so-called ‘consensus’ process reduces the need for existing intermediaries who touch the transaction and extract a toll in the process.

Examples

In financial services, that includes those who move money, adjudicate contracts, tax transactions, store information and so on. All this allows for not only cost-effective solutions but also for significantly faster transaction times and added levels of security due to the use of the Blockchain system. Therefore, business in the Banking Industry will definitely benefit in the very near future from a considered, methodical and sustained approach to implementing blockchain in their processes. The technology will provide banks with efficiency, speed, security and reduced costs in many of their processes. This will directly result in both a price reduction and improvement in the quality of services for end-users.

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