Crypto Implementation in Banking sector
When we talk about cryptocurrencies then the first thing that comes to mind is that it has the power to revolutionise the payment system. In a way, it is true because it is a digital asset that can be sent from one wallet to another and it carries some monetary value. It's like if someone wants to send $1000 to another person in any part of the world then this transaction can be executed without any third-party involvement. We just need to send this money to another wallet of the same coin that we are sending which can also be Bitcoin.
If we go with the banking example then we must follow the banking process and this requires the involvement of an intermediary entity. You cannot send Fiat currency without the involvement of a bank or any financial institution but with cryptocurrency it is possible. This is why it is called decentralised and this gives us freedom. In this scenario, the authority does not remain in one hand and this is how things will be better in future.
Also if we go through the banking process then it has some standard time requirement and there is no way that one can do cross-border payments instantly. By going through the crypto mechanism payment can be remitted in a few seconds provided we are choosing the coins that provide instant settlements. Even if we go with the biggest coin which is Bitcoin then also the transaction can be settled in approximately thirty minutes however it is not possible with the banking system.
I have gone through some of the news articles where it is mentioned that some banks are exploring the possibility of empowering their cross-border payment system through cryptocurrencies. Although as of now I'm not sure which bank is closed to implementing this solution because that is not shared however if it is happening in future then just believe how things will be transformed. I always believe that with cryptocurrency this future is bright and exciting and we need to look forward to a better future with this highly advanced technology and of course a revolution.
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Your article is very good. Nicely explained about Crypto Implementation in Banking sector. I hope you write articles like this in the future.Thank you.