Blockchain technology is poised for explosive growth in non-cryptocurrency areas of Financial industry in the months and years to come. The Distributed Ledger technology enables banks to operate without a central authority in processing transaction through mutual trust and foolproof transaction validation and verification.
Core to Blockchain technology are
Some of the most useful applications of Blockchain in the Banking domain will be
Tamperproof monetary transactions.
Settlement time reduction due to its inherent trustworthiness through digital stamping that makes intermediaries irrelevant.
Significant improvement in Security in Payments and Credit Cards through decentralized public transaction record that stores every single action on a record.
Error handling cost is eliminated due to real time transaction tracking capability.
Transactional processes can now be fully automated from creation to settlement