Banks and Blockchain Linkage - iTechCrypto
You must have heard that the blockchain and banking sector are born to be against each other. Which, in actual, is not true at all. There are numerous ways blockchain and banks can be connected for the good and both the technology can help world make the better place to live in. For your basic understanding of how Blockchain and Banks can be linked together, we have shortlisted 3 key points which will explain the benefit of both the industries’ linkage.
KYC Process Can Be Minimized
If you have worked in any company, there is a possibility that you came across the term “KYC” which is abbreviated as “Know Your Customer”. Almost all the companies do this before partnering up with their clients. This helps minimizing the risks associated with scams and money laundering. However, it is not as efficient as it should be since all the company do this which actually is not necessary in the decentralized environment where every other company has access to everyone else’s public data. So, if any client has done the KYC anytime in past, then there is no need for any other company to do it again. That is how blockchain’s decentralized environment can help minimize the cost and time of banking sector across the world.
Payment Mechanism For Local & International Transfers
Security From Scams And Frauds of All Type
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Hello friend @flash07 interesting article that you bring us.
It is really very nice to read articles like these, in my opinion there is an antagonism at first because it can be thought that blockchain is coming to displace banks, when in fact you can find points of collaboration between them. Hopefully we can see integration in these entities that benefit the population.
Blockchain came to stay and those of us here have to adapt to it, including banks, that's my opinion!
Great article friend, blessings!
Agree with you my friend.
Some banks already started the bets testing on this. Hopefully we will see great result soon.
Thank you for your kind comment @fucho80.
Greetings appreciated @flash07.
In my opinion blockchain emerged as an alternative to the control that government entities and traditional banking sectors have imposed on our finances undermining our financial freedoms.
The revolution that the blockchain has brought with it has been so great that the traditional banking sectors feel threatened. The only possible alternative would be the merger.
Both banking and blockchain have to learn from each other, since the benefits are mutual.
Your friend, Juan.
Totally agree with you my friend @juanmolina.
Thank you for your kind comment and support.
A great salute, my friend
From a generalized point of view, it could be said that banks, in general, are being threatened with the technology of cryptocurrencies. However, there are those who see it from another point of view and use the blockchain technology as an advantage. This is the case of XRP, which is being used by banks to speed up their operations.
Cheers 😊
True @jadams2k18.
Thank you for your kind comment.
Dear @flash07
Thanks for sharing link to your recent publication with me buddy.
Definetly banking sector is being threatened by this technology and those banks that will stay behind with current "infrastructure" will struggle in the future with operating costs way higher than those banks who would implement blockchain into their daily life.
The way I see it is that majority of banks out there cannot even afford to make a "switch" and they will struggle in the future, since some other major banks (With solid resources) would be way ahead of them. So for many this technology is a real threat.
KYC on the other hand does maximize our data collection/harvesting and our data being leaked or sold left and right. Right now most of those crypto require KYC, but how can anyone be ensured that they store it in safe manners? There is absolutely no regulations forcing companies to maintain some security standards.
Solid read. Upvoted already.
Yours
Piotr
I agree with your point. I think if they try to adopt early it will be beneficial. Because in starting many projects will support them to implement those solutions. There is a possibility that they get help in terms of resources as well.
For sure they have to make sure that data is safe. As they are mentioning this is in their terms that they will not leake any kind of users data. If they are not maintaining or keeping that promise then it's another issue.
People should have not sign up for the platform where they have not mentioned terms regarding KYC in their policies. If they are mentioning that they will not give it to any third party and even they do then surely anyone can challenge them legally.
After facebook's data leake hope some of the companies stopped doing it.
Thank you for your kind support as always @crypto.piotr.
Interesante post, ya que lo único que se ha escuchado hasta ahora es la rivalidad bancos vs blockchain, definitivamente en cualquier momento los bancos tendrán que aceptar el ingreso en esta manera de inversión.
Gracias por tu amable comentario amigo @carlitros.
I also think that the blockchain is more than just an investment object. In the future some professions will probably be replaced by it. bank employees, notaries, and personnel authority work are probably the first jobs🤔.
There are many more professions but the blockchain is still developing.
Thank you for your kind comment @break-out-trader.
Good option for this people!
Thank you @saddly for your kind comment.
Congratulations @flash07!
You raised your level and are now a Minnow!
Thank you @steemitboard.
Your level lowered and you are now a Red Fish!
Congratulations @flash07!
You raised your level and are now a Minnow!