Blockchain Can Be Both the End and Savior for the Banking World

There are 45% of financial intermediaries that report economic crimes annually. The fact that the banking industry is built on a centralized platform causes a great risk for the entire financial system. This results in easy access for intermediaries, making client’s data insecure and easily alterable.

The Maturation of the Blockchain

The Blockchain technology has in the recent years grown in the digital industry. It began as a platform for the bitcoin currency to be transacted upon. This was because it only served as a space for the bitcoin. Currently, the blockchain has grown to an ecosystem of itself proving to have a lot of potential.

With time, there has been the rise of the Ethereum blockchain, and with it, other ecosystems like Graphene have come up to utilize the blockchain. There has also been an increase in the number of industries which are using this technology, enjoying its benefits of transparency and efficient information logging.

Blockchain as the Savior for the Banking World

The banking industry is also seeking to get involved with blockchain technology. One of the main problems in the banking sector that blockchain will seek to solve is the problem of fraud.

The blockchain system offers a transparent and encrypted model which could easily curb the risk of fraud. In June this year, several banks joined the IBM to build a blockchain system. Its aim was to provide trade financing for start-up and medium-sized businesses. The blockchain will enable the banks to be more interconnected and ease the transfer of assets within seconds.

Banks will also have the opportunity to invest in cryptocurrencies. Despite the challenges of the cryptocurrencies such as lack of regulation, the industry has still grown popular.

Implications of Using the Blockchain Technology in the Banking Sector

The current financial changes may lead the world to find an alternative to the dollar. This is because global trade is now moving away from America, meaning that they also move away from the dollar. The banking system can, therefore, be swept away by the blockchain due to the numerous dangers centralized banking poses, and the benefits that blockchain offers over it.

The idea of the blockchain will help overcome current financial crises and establish a reliable and trustworthy alternative through the use of cryptocurrencies causing its popularity to rise. This will increase the investment of cryptocurrencies like Etherecash.

Become Part of the Revolution

With the current trend, there will be numerous developments of the blockchain in the banking industry. This will also include the growth of the cryptocurrencies. You can take advantage of the growth of cryptocurrencies by getting involved now.

Etherecash is selling its ERC20 tokens in its ICO which starts on the 15th of November. The tokens can be bought with Bitcoin or Ethereum. The tokens have been built on the Etherecash blockchain which has lawyer-backed contracts and offers transparency.

Purchase our Etherecash token through our ICO from October 25th 2017. Developed on the ERC20 blockchain technology with lawyer backed contracts, to make blockchain backed lending and fund management, private and seamless.

Buy our tokens now. Visit Etherecash.io.