How the Banking Industry Can Be Revolutionized by Blockchain

Blockchain technology provides a way for untrusted parties to agree on the state of a database, without using a middleman. By providing a ledger that nobody administers, a blockchain could provide specific financial services — like payments, or securitization — without using a middleman, like a bank.

French investment bank BNP Paribas has announced it will begin looking at how blockchain technology can be applied to its currency funds and for order processing.

Before looking at just how blockchain technology can disrupt traditional banking, it is worth taking note of some of the key institutions that have publicly announced interest in it (meanwhile, many other banks are doing so without informing the public).

With more people, businesses, and services now implementing blockchain technology and using cryptocurrencies, traditional banking systems are struggling to keep up with the change. In most cases, these banks will either have to implement and integrate blockchain into their services or be left behind.

Banking as we know it is going through one of the most revolutionary and world-breaking changes it has ever been through, and it’s all thanks to blockchain technology. Of course, blockchain technology first came into the mainstream when Bitcoin exploded in value almost a decade ago, but the technology has come a very long way since then.

To give you an idea of how blockchain technology is both disrupting and enhancing the banking industry, here are the changes you need to know about.

1. Making Payments Across Borders

2. Enhanced Security Features

3. Blockchain in Fundraising

4. Conducting Credit Checks

5. Blockchain in Share Trading

6. Financing Trade Ventures

7. Implementing Smart Contracts

With blockchain technology capable of handling all the money and information necessary for these processes to take place in the form of smart contracts, everything can be automated and ensured to be as accurate as possible, more accurate, and faster than it’s ever been before.

Bitcoin and other native Blockchain tokens that have derived from Bitcoin have more resemblance with commodity currencies of the past, rather than the state of the art fiat currencies.

We hope you have found this article informative and interesting. For more information or queries contact us to know more about this technology.

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