Blockchain in Banking Sector || 10% to @tron-fan-club
Today i will Discuss with you What is Blockchain in Banking Sector. I always try to share with everyone what I know everything about Blockchain. So in its continuation today I will talk to you briefly about Blockchain in Banking Sector.
The use of blockchain technology in most cases is currently in cryptocurrency and blockchain technology is being used mostly in cryptocurrency. However, blockchain is a technology that is not only applicable to cryptocurrencies. Blockchain technology can be applied in many areas of our lives and many companies or organizations have already started working on it.
There are already many companies that have taken this blockchain technology as their own and started working on it. Allready some companies have started using blockchain technology in their organizations. So in its continuation today I will discuss how to use blockchain technology in the banking sector and what are the benefits of using blockchain technology in the banking sector.
If we go back many years, we will see that at one time every bank had a large ledger book for keeping all the accounts. All the accounts of the bank were recorded in this ledger book. In a word, that book was the only means of clearing all the accounts of the bank. Everything was managed from there and all the accounts were recorded. But in the course of time, when the age of internet came, online technology was used for this banking management and all the information of the bank, the accounting of transactions could be saved in a database.
And this is how the banks of our country are currently running through internet banking. But in the current era of internet banking, there are some disadvantages of this internet banking. If we want to get rid of these problems then we have to use blockchain technology. But then we can get rid of that problem. At present there is online banking in the internet database but there are a lot of security risks.
Because this database can be hacked at any time, but it will be a big loss to our country's banking sector. Besides, if we want to do any transaction outside the country, then we have to speed up a bit. Transactions are not easy, if we want to solve these problems, but we can take blockchain technology in the banking sector. But then this problem will no longer exist.
Over time, that is likely to change, as is the case with Internet banking. So I think if we can move from internet banking to blockchain technology now, then this banking sector will be more developed and much safer. There are also many more benefits if blockchain technology is used in the banking sector, users will also feel much more comfortable to complete transactions here. I will discuss in another episode later what would be the benefits of using blockchain technology in the banking sector.
Advantages of Using Blockchain in Banking Sector
If we use blockchain technology in the banking sector, we will get many benefits. Blockchain technology has many advantages, blockchain is a technology that gives maximum security to the user. And so blockchain technology has started to be used by different companies. Now we will discuss what benefits we can get if we use blockchain technology in the banking sector.
Peer-to-peer (P2P) Transfers:
The peer-to-peer system makes it very easy to transfer from one user to another. And if this system can be introduced in the banking sector, but the users will be very welcome. The peer-to-peer system will not be limited to just any country, blockchain technology will allow transfer from any country in the world to any country. And so the users will get a lot of benefits and they will enjoy this thing a lot. If it can be done but many problems will be solved.
Fast payment System:
If blockchain technology is used in the banking sector, banks will be able to make payments very quickly and will be able to launch fast payment systems through this technology but at a very low cost and much more secure. Because if the transaction is done through blockchain technology, then no verification of any kind of third party will be required. Direct users will be able to transact and this will take very little time for the transaction. Users will enjoy it a lot, I think it will be a great benefit for the user. This can be done through blockchain technology.
No Third Party Interference:
We know that blockchain technology has no intermediaries and no third party interference. So if blockchain technology can be used in the banking sector, then this facility can be given to the user without any third party intervention. It is also much more convenient for a user. Because without the intervention of a third party, the transaction will feel comfortable and I think it will reduce the cost a lot.
Advantages in global transactions:
If we want to make payments or transactions from home to abroad through the banking system, but there is a lot of time and matter involved. But if we can convert and use this banking sector to blockchain technology, then this problem will no longer exist. In any country of the world, transactions can be done very easily through a short period of time. This will reduce the time and cost a lot.
My Opinion
Finally, I would like to say that blockchain technology is a technology that will change the world in the long run. I think this blockchain technology will be in the whole world. Because it is a technology that will make many difficult tasks in human life easier and if it is used in any sector, it will change that sector. Because there is security, cost is less and time is less.
Users can transact and communicate very easily from one user to another. So since there are so many benefits, I think we can use blockchain technology in many other areas besides the banking sector. I will discuss in the next episode about what else can be used with this blockchain technology
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