📣By using the Blockchain banks could save up to $10 billion yearly📣
Blockchain's technology has long been considered by banks with skepticism, because it was originally associated only with cryptocurrency, which banks tried to stay away from. However, time has passed and today Blockchain doesn’t need to prove that it itself a technology of great value. And even banks already use decentralized platforms for their operations. The last to the date example is South Korea, where since July of this year the Korean Federation of Banks will start using a Blockchain platform, based on decentralized principles of documents’ authentication. The platform, called BankSign, was created to fully synchronize all processes between different structures and institutions.
The study showed that the largest investment banks can save up to 10 billion dollars, using Blockchain technology to improve the efficiency of clearing and settlement. The ENDO Blockchain-protocol can offer a similar solution for any banks.
By combining common databases and cryptography, ENDO Blockchain allows several parties simultaneously have access to a regularly updated "network book", where the data can not be changed retroactively.
Which areas can it help? Imagine, it takes a day to send oil from Singapore to Malaysia, and it takes a week to sort out the documents! Trade finance is often made on paper, such as bills of lading or letters of credit, being sent by fax or post around the world, and this sphere has long been calling for modernization. Blockchain is an obvious solution, in cases where many parties need access to the same verified and legally binding information.
Another area of application of the Blockhain is the identification of customers and counterparties. This procedure is of vital importance for banks. Without reliable fraud protection, there will be less trust from people, and the regulators will find an extra reason for a fine, because it is the banks, who’s responsible for customers’ check.
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