Blockchain Technology will transform the Banking Sector for Various Reasons
Interbanking Transactions - Blockchain Technology has the potential to transform the complete banking systems because it will reduce the complications of transactions. Also, it will help in making international transfers and monetary transactions faster and more cost-effective. Currently, if we make any international transactions that require multiple intermediaries then the amount will reach after two-three days. but after adopting blockchain it will take only a few minutes for making the transactions.
Smart Contract Enforcement - Smart contracts can supply automated insurance claim processes to the finance industry. Automatic validation via decentralized ledgers on a blockchain network can be done with smart contracts. This process will reduce the risk of fraudulent claim compensation by insurers.
Crypto Banking - The rapidly growing crypto finance market is foraying into the traditional banking sector. Crypto banks are provisioning interest-bearing accounts, term deposits, credit cards, collateralized loans backed by crypto asset deposits, and other services similar to the product offerings from traditional banks, albeit delivering much higher interest rates/yields. Crypto banking platforms lure customers by offering annual percentage yields (APYs) orders of magnitude higher than yields offered by traditional bank accounts.
Record Sharing & Storage - Blockchain transactions allow users to control their data through private and public keys, allowing them to own it. Third-party intermediaries are not allowed to misuse and obtain data. If personal data are stored on the blockchain, owners of such data can control when and how a third party can access it.
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