3 Reasons Why Banks Are Interested In Blockchain

Banks around the world learned that they can benefit from blockchain technology. Today, across the world, banks are making more profit and improve their work by using this technology.
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This comes to no surprise as we all know the many opportunities the blockchain offers. Here’s exactly why these financial institutions support the blockchain.

1. Transaction Time

By using this technology, the time to settle a transaction is reduced to seconds. You don’t longer have to wait days to verify money transfers. As this technology grows and improves, it will soon be possible to make transactions literally instantly. The great thing about it is that the data can’t be saved in more than one place. Currently, Ripple is the most promising cryptocurrency that can impact banking industry the most.

2. Higher Security

Since transaction time is now a lot shorter, there is a low chance for someone to get that transaction information. For each transaction, there are two security keys for every user. Public keys let you check a user’s balance and history, but they won’t let you identify the account. Also, the once entered data in a shared ledger cannot be touched. This is great news for banks and a great opportunity to reduce fraud.

3. Low Costs

Blockchain technology helps banks improve their efficiency and security. By using this technology, it is expected that costs will be reduced to -20 Billion in about 5 years.
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Counterparties and intermediaries won’t be needed which will further reduce costs. Also, bank-to-bank transactions will be done with 0 costs if they both use the blockchain. Using this technology will help banks to save more money and also increase their customer base.