Blockchain

Banking Sectors and Blockchain

  • Investment banks these days are on verge of launching better blockchain technologies that will help them earn more profits in today’s competitive market. There are different innovative solutions in the economic field and blockchain is one of them. It has been gaining popularity recently. Experts believe that the innovation in banking sector will help them achieve bigger and better efficiency. Studies have shown that the banking institutions can save billions of dollars and they will have reduced risks that are associated with internet and its use.

    We tried to sort out on what possible benefits can bank get from blockchain technology and this was discussed thoroughly with the founder of the popular platform CREDITS.

    What is blockchain and why is it popular

    You can see blockchain as a new database that lets multiple users simultaneously access the data and still maintains the confidentiality among the users. The strength of this system has been the way it validates the data for any company or bank. The process of exchange in information has slowed down as there are multiple companies operating on their own data on the same database. There are issues because of this reason but not to the level where there is complete mistrust. Registry technology is distributed and considered to be fast, practical and reliable when compared to almost obsolete reconciliation methodology. The reason for this is that in the new method the harmonization and reconciliation both are the part of single workflow.

    The founder of CREDITS explains how financial revolution revolves around the blockchain technology and how CREDITS project is working towards achieving the similar direction. The platform being developed and used by CREDITS team is something that today’s business are looking for. The platform has been designed by the consideration taken from the actual or end users. The developer team were clever enough to combine Bitcoin and Ethereum together as a single unit. The result was that this innovation has better performance and can conduct over 1 million transactions in a second. It also charges a much low commission per transaction when compared to other platforms.

    Banks can benefit from the innovations and the technicality while they can still avoid the available systems. It should however be noticed that it will take some time to integrate all the new technology and innovations to already existing systems. The good news is that the integration process is very cheap when compared with the reduced budget in client service. It cannot be disagreed that this new technological innovation will be a sensation in future and will also attract more investors.

    People are well aware of the golden opportunity that blockchain can provide them. But there is necessity of further analysis on the capability of the blockchain if someone is willing to invest seriously. There are researches being conducted regarding the impact of blockchain on certain field of business. Techniques like assessment analysis are supposed to be relevant for big companies that are trying to bring in this technology into their business. It is required for the managers of these companies to convince concerned people about the effectiveness of the new system that is going to be integrated into the existing system. Platforms like CREDITS are providing the perfect platform for companies that are looking to implement blockchain into their business processes to optimize them.