Saleem Beebeejaun On Blockchain How It Changing The Face Of Present Day Banking Systems
Read More – Saleem Beebeejaun On Future of Banking Industry
Though blockchain has emerged as a powerful technology, there are several roadblocks in its way currently. However, this hasn’t stopped it from making an impact over the industries today, which are reaping the many benefits of this revolutionary innovation. Even the banks are trying out blockchain, which could potentially save their billions in cash by reducing their potential costs and labor savings. The report says financial executives from all around the world, including some top names like Saleem Beebeejaun, are familiar with this technology and its wide-reaching implications and are constantly researching the ways to apply it in the banking and finance industry.
Yes, the global financial system is one of the most popular sectors that could be benefitted through Blockchain. Since this is the industry which is more prone to errors and frauds, adopting this technology will solve a lot of problems. This is the reason why top business leaders like Saleem Beebeejaun are open to experimenting in the name of their country’s economic growth. For, technologies like these have completely transformed the way systems used to work. It is safe, secure, transparent, decentralized and comparatively cheaper when it comes to exchanging information, data, and money.
The effective use of Blockchain technology will do the heavy weightlifting that the banking sector involves in the form of securing transactions and thus, creating a satisfied customer experience that is less money-consuming. No doubt, the banking institutions were initially skeptical about this evolving technology, but the story has changed now. Today banking and finance sectors are actively seeking new applications of the Blockchain technology and big names like Saleem Beebeejaun have dedicatedly placed their faithin its future. This clearly indicates that the banking and financial industry is working hard to be future-ready.
With its emerging uses in various industries with each passing day, it becomes important to look at how the banking sector could benefit from blockchain.
- Reducing Frauds: With 45% of financial intermediaries prone to financial crimes daily, there is no chance of a single point of failure with Blockchain. Its cryptographic mechanism is extremely difficult to corrupt. Moreover, if by any chance any of the blocks is breached, all other linked blocks immediately change, giving no time to the hacker to make changes in the overall system. Thus, helping to curb cyber crimes and attacks effectively.
- Instant Transactions: With blockchain, transactions become user-optimized, saving a significant amount of time and money of both the parties involved. In short, applying blockchain technology will lead to transactions in minutes or seconds without the role of any middle office or back office staff at banks.
- Facilitating Smart Contracts: This technology’s ability to facilitate storage of any kind of digital information has given rise to smart contracts, which can be executed by just entering the specific keys that are unique for every user. This also makes it much more secured.
- Trade Finance: Being one of the most useful applications of blockchain technology in the banking sector, this will help in sharing information by importers, exporters, and banks on a common distributed ledger.
There’s more to blockchain in the banking and finance sector. With our banking systems highly reliable on paper and conventional processes, having an upgraded system like blockchain technology is the need of the hour- something that can withstand frauds and security issues with precision.
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