Global blockchain banking is disrupting the financial industry at a rapid pace. It is clearly visible that the users are accepting this new economic trend which is pretty much useful in terms of time and management. Blockchain in banking has definitely uplifted the customer service satisfaction in a short span of time. Banking trends that have relied on the legacy operational methods have begun to experiment the tokenization with the help of blockchain.
The scale and speed of this change depend on the banks and governments that are welcoming the blockchain within their systems. Indeed, the banking systems are coming over the issues of money and asset transfer with the removal of multi-layer systems or involvement of third parties. The usage of blockchain in global remittance also enhances the security, time and disputes resolutions. In general, a urs or sender has to pay huge commissions for a cross-border remittance which will include several business working days.
The tokenization and blockchainization of finance industry which includes eminent sections like banking and insurance have a major opportunity for a reformation of the entire business vertical. Global blockchain technology is going to help in self-regulation of the financial system and overall development as mentioned by Forbes.
Latest Blockchain Banking News
According to CCN, the recent blockchain enabled banking news has come from Malta which is about to get a bank that will a debut for services of crypto and blockchain companies. In addition to firms, this bank will also facilitate high net worth individuals. A Maltese based company RnF Finance Limited along with the Malta Financial Services Authority will keep a check on credit institutions.
The CEO and founder of RnF, Roderick Psaila informed that the blockchain banking will mainly offer four services wealth management, private banking, banking services to corporates and lending. Precisely, the global blockchain banking is slowly making its way in the traditional operations and it might replace the entire system in the next few years.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]