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Can Blockchain Revolutionize the Banking Industry?
(Note: companies that could be impacted by the content of this article are listed at the base of the story (desktop version). This article uses third-party references to provide a bullish, bearish and balanced point of view; sources listed in the “Balanced” section)
Blockchain technology will help to provide value to the banking industry through shared updated digital databases and ledgers as well as an additional level cryptographic security. Blockchain systems create an informational network allowing banks to efficiently and accurately process transactions and payments while lowering costs. Successful implementation of blockchain into banks will require global networking and unification, along with control standards to manage payments and limit risks. Banks will be able to use blockchain systems for cross-border transfers and remittances, providing additional identification processes with fewer errors.
