How Banks can become more effective with implementation of Blockchain

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Banking and other financial services already have seen significant blockchain adoption (or at least investment), partly due to an ever-growing need for enhanced security and availability of mobile and online banking in emerging markets.

Blockchain technology today is being applied in potentially transformative ways, including: 

- To manage customer identity and data privately and safely, while enabling smoother transactions and financial settlements 
- To store important financial records in a decentralized network, bringing added privacy and security to banking 
- To support a large library of smart contracts that power decentralization of processes, such as dispute resolutions 

Regulatory environments, which vary from country to country, represent perhaps the strongest headwind. There still is a fair amount of confusion and fundamental misunderstanding about how blockchain technology can facilitate and improve banking globally. (Case in point: a fear of money-laundering.)

Institutional resistance to the blockchain, the mass adoption of which can eliminate “middlemen” — code, rather humans, will handle many processes — also may encounter resistant, despite the more transparent, efficient and cost-effective benefits. [Dr. Michael Yuan] 

 

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Tags:
banks and blockchain
Category:Blockchain

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Saira

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