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Sunday, August 13, 2017

Practical Examples Of How Blockchains Are Used In Banking And The Financial Services Sector

Practical Examples Of How Blockchains Are Used In Banking And The Financial Services Sector

While there are still several hurdles to overcome before blockchain transforms finance and banking as we know it, the potential cost and labor savings it could create for the global financial market are so appealing that many major financial institutions are investing millions in resources to research how best to implement it. I believe blockchain is a technological advance that will have wide-reaching implications that will not just transform financial services but many other businesses and industries.


Billions of individuals and businesses are served and trillions of dollars are moved around the antiquated global financial system each day. Still heavily reliant on paper, albeit dressed up with a digital fa├žade, there are many issues with this system that cause added expense and delays as well as make it easier for crime and fraud to cripple it. Despite the financial industry’s resistance to change, blockchain and its expected benefits make it worthwhile.


Many of you may be familiar with Bitcoin, a type of digital currency that operates independently from a central bank, but the tech behind that system most people are not familiar with is blockchain. There are many different blockchains—public and private—and they allow anyone to send value anywhere in the world where the blockchain file can be accessed. Think of each chain as an online database stored in a distributed, peer-to-peer fashion. The storage devices for the database are not all connected to a common processor and each block—ordered records—has a timestamp and a link to a previous block.


Cryptography ensures that users can only edit the parts of the blockchain that they “own” —by possessing the private keys necessary to write to the file. It also ensures that everyone’s copy of the distributed blockchain is kept in sync.


Full story at http://bit.ly/2uzFUVH


Source: Forbes


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