Rising Demand for Blockchain Solutions in Banking Sector
The recent successful experiment of ICICI bank where they successfully executed international trade finance and remittance transactions using blockchain technology has made one thing clear – blockchain applications are not a hype anymore! Since the inception of bitcoin, legal and banking sectors have always been inclined on developing blockchain solutions . The remarkable success of bitcoin has been credited to blockchain: the underlying technology of distributed ledger for the exchange of cryptocurrencies. The major challenges that financial and banking industry faces today are: Demand for faster and secure transactions Transparency in transactions records Avoiding theft of critical data Third party vendor risks Errors and Duplication of Data Long Time Duration in settlements The banking sector has been considering blockchain applications to solve these challenges. Below mentioned are the applications of blockchain solutions in banking sectors(proposed): For testing Pro...