Why is the block chain so popular in the banking sector? The central bank governor says it can be summed up in three main reasons: the bank’s control of new technologies in response to potential subversion, the second is to reduce the cost of infrastructure construction and operating costs, and third, explore new business opportunities. In addition to mastering new technologies and taking advantage of the initiative, reducing operating costs, improving business efficiency, and enhancing safety factors are also very important to the banks. “If banks start sharing data, and the data uses a specially designed block chain, there is no need for middlemen and a lot of manual work, and it can speed up transactions and reduce costs,” said the vice president of research and development at Barclays Bank.
The block chain has the center-oriented, to trust the intermediary, the transaction results can not be tampered with the user anonymous participation and other notable advantages, which makes it has the potential to promote profound changes in the financial industry, therefore, since the birth of block chain technology, the banking institutions have been around this technology for a variety of application attempts, business areas including electronic money, Payment settlement, bills, supply chain finance, anti-money laundering and customer identification, etc.
At present, the block chain technology by many large organizations is known as a radical change in business and even the mechanism of the major breakthrough technology. At the same time, like cloud computing, large data, Internet of things and other new information technology, block chain technology is not a single information technology, but rely on the existing technology, the original combination and innovation, so as to achieve the previously not implemented functions.
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There has been almost no innovation in the banking system in the last 30 years, so it’s time to change it! In the future we may see more banks joining the block chain technology field, let’s look forward to it!
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