The Promise of Blockchain Technology in the Banking Sector

The Promise of Blockchain Technology in the Banking Sector

Blockchain technology has the potential to transform the banking sector by providing a secure and convenient alternative to the expensive and time consuming banking processes. Major banks across the world are experimenting with the technology to reduce the number of participants in a transaction. Some are investing in blockchain startups, and others are partnering with fintech companies that use blockchain. Blockchain technology will transform the banking sector by enabling banks to compete with fintech startups; improve efficiency to save costs; and create new business models. The following are the main areas of transformation. Clearing and Settlement Currently, investment banks […]