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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] 




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Tech enthusiast.

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