Question

Blockchain in banking sector

Answer 1

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.

A recent World Economic Forum reportpredicts that by 2025 10% of GDP will be stored on blockchains or blockchain-related technology.

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Answer 2

Blockchain is a distributed ledger technology that allows any corporate network to record transactions and track assets. Transparency, immutability, and decentralisation are among its sophisticated features, which have benefited all industries around the world. Since the inception of cryptocurrencies, blockchain technology has generated a lot of buzz and has expanded far beyond only enabling bitcoin and ether transactions. Blockchain's transparent and safe character is the primary reason for its widespread use in numerous industries for growth and development.

Blockchain has the potential to make banking more safe, dependable, efficient, transparent, and flexible. Because of security concerns, banking is the most popular blockchain application.