Question

What is blockchain technology in banking?

Answer 1

Explanation:

Blockchain Technology in Banking & Finance. Updated On : February 2018. Combining shared databases and cryptography, blockchain technology allows multiple parties that may not know each other from different geographical locations to have simultaneous access to a constantly updated digital ledger that cannot be altered.

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Answer 2

The points are as follows:

1. Blockchain, the technology underpinning the cryptocurrency could revolutionise the world economy.
2. Blockchain is basically a distributed ledger. It can store facts like, who owns a particular piece of land or say a bond.
3. The technology can be used to keep an immutable record of ownership and enable transaction of the asset amongst distrusting parties.

It is used by the banks because:

1. It offer a quick and efficient onboarding process that enables banks to essentially “plug and play” into the network for both existing and future corridors.

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