How Banking Industry is Using Blockchain Technology

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Hacking blockchain requires a ‘James Bond-level villain’, says Kharim Lakhani, a Harvard Business School professor. Of course, the said villain is hard to find in reality. So, your blockchain-dependent banking processes are secure and safe. Blockchain is one technology that is much appreciated and explored these days. The technology is being used across industries to increase efficiency, reduce the time-frame, investment cost, avoid manual ledgers, and all while being safe and secure. A few of the emerging blockchain companies include ScienceSoft, Ripple Labs Inc., Blockchangers, ChromaWay, OpenLedger, Ezetech, Limechian, and Intellectsoft. The advantage of using blockchain in banking is its characteristic features like decentralized trust, improved security, immutability, and increased efficiency while cutting investment costs. Read on to know how blockchain technology is potentially used for the banking services sector. Role of blockchain in banking services: 4 Use casesBlockchain technology provides trust for the participating parties and comes to an agreement without intermediaries. Further, blockchain provides self-executing contracts -smart contracts automating manual processes like compliance, claims processing, and content distribution. It has all the potential to disrupt the banking industry and enabling new business models including:1. Improved payments: Payments using blockchain turns to be profitable for the banks owing to …

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