BLOCKCHAIN AND BANKING
Through the use of their internal ledgers, banks frequently serve as intermediaries in the global economy by directing and coordinating the financial system. The lack of public access to these ledgers imposes trust in banks and their frequently obsolete technology.
By eliminating these middlemen and substituting a secure, open, and accessible system in their place, blockchain technology has the potential to upend not only the global currency market but also the financial sector as a whole.
Blockchain has the potential to speed up and reduce the cost of transactions, expand capital availability, improve data security, enforce trustless agreements through smart contracts, simplify compliance, and more.
Additionally, because of how innovative blockchain is, interactions between the newly accessible financial building pieces may eventually result in completely new kinds of financial services.
Security: Blockchain-based architecture removes the need for data to be in the hands of middlemen by removing single points of failure.
Transparency: Blockchain harmonizes shared procedures and establishes a solitary shared source of reality for all network users.
Trust: Clear ledgers make it simpler for parties to work together and reach agreements.
Programmability: By enabling the design and execution of smart contracts, blockchain enables the trustworthy automation of business operations.
Privacy: Blockchain-based privacy solutions allow for the selective sharing of data between businesses.
Performance: The networks are designed to support a large volume of transactions while facilitating communication between the various chains, resulting in a web of interconnected blockchains.
Blockchain Technology is very secure technology, it's very important for banking platform.
A very nice post bro. Blockchain has brought many advantages. Hope the banking system will be up soon. Everything will be covered by blockchain. For example, DeFi, DAO are gaining a lot of popularity day by day.
Crypto have a lot of interesting benefit. It adoption will continue to grow.