Blockchain Technology in Banking
Blockchain has two key functions, which is the veracity of data to verify transactions, and the second is – it incentivises the nodes, the people who actually verify this transaction. We are seeing how banks, if they ought to do a blockchain, will probably present themselves as again the trusted partner to be able to conduct this transaction for their clients. It’s a good way forward for most of these banks to be able to enlarge their pool and their consumer base.

It might be a bit difficult for the banks to open up their ledger. Therefore, there might be a certain permutation in terms of providing some private blockchain platforms that would be more closed than the public platforms that we are more used to like Bitcoins and Ethereum. So banks will probably still manage their own ledgers, but  Blockchain is an advancing technology that is actually coming into the market, I think that’s how they will probably be moving towards.

The most basic change blockchain will bring to the banking sector would be the ease of transactions to be transacted. We are also looking in terms of how we can improve payments, digital payments, and how these internal tokens can also bring about a new way of payments to be created. It’s easy to transfer and send money to anyone anywhere in the world and there are a considerable size of the population is working overseas. This is actually a very good way to be able to transfer money and also the ease of the money to be transferred is something which will help reduce costs, reduce the time, and everybody will be able to access it, which is one of the reasons why blockchain technology has boomed quite tremendously in the last couple of years.

Another use of blockchain will be clearing and settlement between banks and even within their old system, that will be something which doesn’t necessarily have to involve the consumers. It’s something which will ease and make these transactions and transfers much, much easier, and faster.

The technology will come handy in providing the ability for us to confirm and verify our transactions, It is fundamental being able to do that. So if banks are able to provide that and produce that as a supplementary service that enhances their trustability, then obviously that will work well for their business as well as their consumers. The user experience will really depend on what they want. Each one will want a different experience in its sense. I would definitely want to do something that has greater control.