ENDO Blockchain: Helps Banks to Fight Scammers
Here we come again to discuss ENDO Blockchain. In the first article, we've reviewed some basics information about ENDO, such as what are their key features, what kind of problems they wanted to solve, and so on. On this article, we'll continue to discuss ENDO by talking about their applications for the banking system.
Delivering Fast & Secure Transactions
The first improvement for banks with ENDO technology is fast payment & secure transactions. With ENDO, banks can speed up their transaction greatly. Traditional transactions such as WIRE, SEPA and etc which can take hours or even days will be able to be finished in just seconds or minutes with the lowest fee.
Some comparison of bank speed transactions. Source: Moneytis
ENDO will also help banks to make their transactions secure, and help them to verify transactions address or details as soon as possible. I believe bank adoption to blockchain technology will make ENDO integration to blockchain easier ever.
Customer Registration & Database
Another benefit that banks can get by using ENDO is on their customer registration process. Traditional customer registration is quite complex and slow because people have to come to a bank by their self and then register their details by writing on a registration form. This is problematic because people have to spend hours just to register on banks.
Banks customer tend to go digital. A big opportunity to adopt blockchain to the network. Source: Statista
In my personal opinion, banks can change how a new customer can register on their database. Every customer can opt to register via the internet or online, where banks will provide the necessary interface for every potential customer to register their details, just like KYC/AML. The data will be stored on the blockchain, and therefore it will be safe. If a customer wants to get their debit/credit card, they just have to go to a bank and request it by mentioning their identification number on the blockchain.
That's just one way to utilize ENDO blockchain, banks can be creative as they can to decide how will they speed up the complex and slow process of customer registration and data storage.
Transparency in Transactions & Credit Balance
Traditional banking systems don't allow us to see how our transactions are processed, unlike crypto transactions where we can track how many time left in average before our transactions got confirmed, how many confirmations it has and so on. It is also impossible for customers to speed up transactions by increasing the fee like regular crypto transactions.
If banks use ENDO protocol, they'll be able to provide similar services or transactions mechanism like regular crypto transactions. Customers can see whether their transaction has been confirmed or not anytime and anywhere, as long as they have a connection to the internet.
At the same time, customers will also be able to view their balance easily. You will be able to see your credit balances even though you haven't logged in to your web. To prevent stealing, banks and customer can opt to use a multi-sig wallet where to utilize transactions it will need the private key from both customer and banks. Sounds pretty good right?
Some great insights about banks customers behaviors. A great opportunity for banks to use ENDO because many people like to access online banking and the number is growing. Source: Bankingsins
Bottom Line
ENDO protocol will be useful in the banking system. Banks will be able to utilize it across various activities, and therefore will increase customer satisfaction while they use their system. So, it's probably worth to read deeper about ENDO protocol.
Note: This article is not a financial recommendation. The author, ENDO and other parties mentioned in this article is a separate entity. The author writes this article based on his own understanding of ENDO, readers should read the original document of ENDO by themselves. The author shouldn't be responsible for any actions taken by the readers, including but not limited to: joining #ENDO bounty program, participate in ENDO token sale, and etc.
Important links that you should check:
ENDO Website: https://endo.im/
ENDO Whitepaper: https://endo.im/whitepaper
My Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1275282