New blockchain technology which powers the cryptocurrency trade across the globe can also turn out to be a potential solution for the financial institutions. The banking sector has been transformed in a decade with a bare minimum need for a physical bank which has been replaced by mobile banking, online banking, fintechs, AI-powered chatbots and, digital payment system. This radically transformed sector has also been one crucial target for hackers and digital scams too.
According to Live Mint, it is stated that with the rapid transformation in the technology there is a pressing need to look after consumer privacy, ensure transparency in the transaction and a theft-proof security system for the survival in the digital world. The answer to this is new blockchain technology which is primarily a basis crypto trade network.
Several blockchain proofs of concept are already being tested for banking services, finance domains, insurance industries, and the manufacturing sector. One of the most popular USP of this technology is that it very efficient is making instant transactions within a digitally centralized network. It is a kind of huge database which stores information in the form of huge blocks.
Blockchain Is The Solution Of Digital Scams
Any kind of interaction in the new blockchain technology requires verification from the participants which ensure collaboration between network participants. It records an unalterable audit trail of all interactions; also each blockchain network has a public and private key which acts like an openly visible identifier. In a way, there is a negligible chance of making theft and scams in the digital format. (Via Bitcoin Exchange Guide)
The most popular issues that can be resolved with the help of new blockchain technology including data verification and validation, multiple data backup and security and detecting payment frauds.
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