Cryptocurrencies: 2788 / Markets: 19401 Market Cap: 24h Vol:
3 months ago

How Banks can become more effective with implementation of Blockchain

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] 

 

  READ MORE

 

 Blockchain projects going on in Africa

An Entrepreneur’s Guide to Cryptocurrency

Views on the current state of Cryptocurrency markets

How Technology commands strategy in business

How can Blockchain's Decentralization redefine Data Privacy?

What factors drive the price of Bitcoin?

Technology today: a scourge or a blessing?

Opinionated: Why did China ban bitcoin

Can blockchain change the world?

Cryptocurrencies that you should have this 2019

How did cloud technologies change data storing?

Can Virtual Reality substitute an Actual Reality?

Do digital tools make us more or less productive at work- a list of digital tools 

What technologies does NASA use to explore Mars?

What technological innovations promise to change the third decade of the 21st century?

 

Admin

Tech enthusiast.

Get Crypto Newsletter