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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. 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. 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 payment across borders Making payments across the globe using traditional systems and methods has always been an incredibly slow process. Sure, companies like Visa and plenty of banks are try...

If the internet was the breakout consumer technology of the first decade of the new millennium, the second decade arguably belongs to blockchain technology. It’s been just over a decade since Satoshi Nakamoto, who can be considered as the father of blockchain, introduced us to Bitcoin through his eponymous whitepaper. And while Bitcoin grew mainstream, thousands of other cryptocurrencies popped up all around the world, each having its niche use cases. But cryptocurrency is just one of the applications of comprehensive blockchain technology, a mere tip of the iceberg. Over time, as adoption grew and people began to see blockchain as a trusted approach, more and more avenues opened up. Blockchain technology was used in implementing smart contracts, supply chain and logistics, IoT, cross-border payments, fraud detection, securing medical records, and more. What is the real concept of Blockchain? Blockchain seems complicated, and it definitely can be, but its core concept is quite simp...

As consumers, regulators, and other stakeholders demand to know the origin of products on the market, producers, distributors, and retailers struggle to provide it. In today’s global supply chain, goods pass through numerous intermediaries from origin to consumer, leaving data spread across multiple systems in different formats. Piecing together the full product journey to ascertain authenticity and safety can be difficult, if not altogether impossible. Sure, there are digital track-and-trace systems in place, but this information, too, is centrally held by a single stakeholder—and it can be costly to implement and maintain. Product visibility that supports the circular economy A significant set of blockchain use cases centers around the “circular economy.” Rather than using raw materials to make products, which are then consumed and thrown away, circular economic models, strive to reduce waste, reuse products and recycle materials. Major retailers, including Adidas, Neiman Marcus,...

The moneythat we use today is in a centralized system . A centralized currency is the one that is controlled by a central authority. A central authority that can change rules as per their convenience and as they see fit. The financial and banking systems which issue the currencies have been there for a long, long time and slowly the problems of human nature crept in greed and irresponsibility. There is always a chance of someone creating a counterfeit when it comes to centralized currency. The centralized currency would work seamlessly if it is managed by people who have good intentions and a clean conscience. Fiat currency is controlled by the government while cryptocurrency is governed by cryptography. There is a need for a decentralized currency. A currency that is controlled by people and nobody can access someone else’s currency without the holder’s permission. Bitcoin was the first of many blockchain applications to create a decentralized currency. It made the idea that tra...

One of the most talked-about topics in the financial services industry today is blockchain banking. If fully adopted, it will enable banks to process payments more quickly and more accurately while reducing transaction processing costs and the requirement for exceptions. However, to capitalize on this potential, banks need to build the infrastructure required to create and operate a true global network using solutions based on this transformative technology. Benefits of Blockchain Technology in Banking The bank industry is one of the most attackable fields. It requires high-security solutions to deal with operational and administrative risks. Blockchain helps Banks in faster transactions, improved security, improved data quality, decrease transaction fees, and increases banks working efficiency. By implementing smart contracts within the blockchain platform, banks can reduce interactions with counterparties and intermediaries, which can reduce costs for maintaining and executi...