Why Should Banks Embrace Blockchain Technology?

Why Should Banks Embrace Blockchain Technology?

“The question is not whether network business models supported by blockchain technology will disrupt these organizations, but when.”

Internet has touched 4.021 billion users in 2018. The benefits of digitization engulf a little less than half of the global population now. In a fast-paced digitized world, it is impossible for the financial world to remain unaffected. Tech savvy customers no longer wish their banks to have a lavish building with multiple counters; they prefer convenience over anything else. This is one of the major causes of disruption in the financial as well the logistics market. The survival of a financial institution now depends upon how well they adapt to the dynamically evolving needs of their customers.

How Blockchain Can Revolutionize the Finance Industry

How Blockchain Can Revolutionize the Finance Industry
Technological development in the last few years has been phenomenal. Augmented reality devices, highly intelligent robots, humanoids, CRISPR (gene-editing technology) are not limited to a sci-fi author’s imagination anymore; they’re a massive part of the research and development that has been taking place worldwide. The last decade has seen immense potential in using technology to alleviate human involvement in segments that require high accuracy, reliability and transparency – the financial sector is one of those segments. Researchers believe that blockchain would alter the way financial transactions occur in the world by eliminating the dependency of people on institutions for making these transactions. Blockchains could also solve many pressing problems in the developing world since it is a highly transparent system, and thus, it could help in reducing corruption levels in those countries. However, most of the countries have been slow in adopting the blockchain technology. Many MNCs and global firms have backed the efficiency of this technology in eliminating a go-between in all the transactions which occur globally.