Home blockchain technology Rewriting the Future of Banking Sector: Blockchain Technology

Rewriting the Future of Banking Sector: Blockchain Technology

Rewriting the Future of Banking Sector: Blockchain Technology

  • Blockchain-based payment services are estimated to evolve in the near future with the efficiency provided by it through its advanced technology and economic factors.
  • Blockchains can be utilized to keep important records and to execute back-end functions.
  • ECB has named its Chief for its fin-tech-focused Innovation Hub to facilitate Financial Technologies in cooperation with other central banks.

A survey published by the IBM Institute for Business Value and The Economist Intelligence Unit expects that around 65 percent of the banks will follow the blockchain technology to facilitate its day to day transactions, globally.

The technology has the capability of making the banking sector profitable and ergonomic by reducing transaction costs to an enormous extent and by reducing complexities in the same. Implementing such advancements would reduce the complex paper works and other physical documents involved in such transactions.

Blockchains can be utilized to keep important records and to execute back-end functions. The system also provides the participating members of a transaction to access a single source of information to avoid convolutions.

Faster Syndicate loans, Know Your Customer(KYC) principle, Smart Contracts are included in the variety of services provided by the Blockchain technology to improvise transaction capabilities, which leads to economic growth.

Europe’s Say

Denis Beau, the First Deputy Governor, in a recent speech, emphasized the importance of Distributed Ledger Technology (DLT) to resolve significant market issues. He also underlined the necessity to consider a Central Bank Digital Currency (CBDC) to avoid disoriented approaches in the Eurozone in its absence.

The EU residents waste a huge amount of durations waiting to execute a transaction between the banks and their international partners, a transaction, which in turn is expensive and unprotected. DLT, when combined with tokenized assets, can help resolve this issue and answer market demands. This will ensure the feasibility of Cross-border transactions.

Banque De France, the first of its kind to develop a blockchain registry system, has engaged itself to build a digital currency implementation program and has been searching for an analyst to execute the same. The bank has been considered as an important promoter of DLT.

He added that Eurozone most is open to such innovative initiatives to enhance the conditions to make the Central Bank money as a settlement asset. Eurozone’s settlement services would be sufficient to support the same.

These experiments must be implemented partnering with the European Central Bank (ECB) and other banks of the Eurozone. As a part of its experimenting initiative, ECB has named its Chief for its fin-tech-focused Innovation Hub to facilitate Financial Technologies in cooperation with other central banks.

However, it is to be noted that, the EU presidency has expressed its reluctance to issue its own stablecoins by underlining that they were only interested to regulate the same.


Blockchain technologies can be ascertained as the future of financial transactions. A developing economy like ours mandates the use of such technological advancements to implement economical and structured transactions based on the above-mentioned merits.

With a well-monitored regulatory system, such technologies have the capability to mold the future of payment methods in accordance with the comfort and satisfaction of the participating individuals, unlike the present conventional banks.

Download our App for getting faster updates at your fingertips.

en badge web generic.b07819ff

Akhilesh Agnihotri
Akhilesh is an engineer and research subordinate working with thecoinrepublic.com as a part of the research team and do research work on Cryptocurrency and Blockchain. His curiosity in research and writing brings him to thecoinrepublic.com, He believes writing is all about expressing the thoughts with words and spread information backed by well-researched work.

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange


Must Read

Bitcoin’s Options Market Showing Bullish Sentiments

According to Skew's data it is overtaking the net demand for put options known as bearish betsIf we observe the negative one-month...

China Published its 20th Blockchain Assessment Report

It is observed in the report that 37 well known public chains were ranked in three different aspectsAs the previous report or...

Chainalysis Rolls out New Solutions to Help Firms Perform Blockchain Analysis

DOJ also assisted in seizing the Bitcoins by Chainalysis to identify and investigate the crypto wallets associated with Silk RoadChainalysis also partnered with Wyoming’s...

ZebPay to Dispatch India’s non-fungible Crypto Token and Commercial Center

A non-fungible token (NFT) is a cryptographic symbolic that speaks to something exceptional and has singular qualities that set them apart. The distinction...

PayPal Users in United States can Trade Crypto Assets on its Platform

Every user of PayPal in the United States is getting a banner at the top of the home page as the ability...

Huge Ethereum Blackout Powers Crypto Trades to Impede Withdrawals

Infura administration power outage sees Binance and others shut down ETH withdrawals.Infura gives a basic method to organizations to convey decentralized applications...

Related News

Prosecutors Seek Harsh Sentence for Fraudster Behind Celeb-spruiked ICO

Federal authorities proceed to press charges for a long jail term against Contra Tech’s Robert Fakras on the grounds of fraud ICOHe...

A new Blockchain Project of Germany’s Central Bank is Under Progress

Bundesbank further detailed that the main purpose of Blockchain project is the establishment of an approach towards a decentralized networkA German politician...

Cambodia “Bakong”- A Joint Venture of Central Bank with a Japanese Firm

CBDC(Central Bank Digital Currency) has started its operations in Cambodia on 28th. It was developed jointly by Soramitsu Co Ltd of Japan and...

The Advent of Global Blockchain in Small and Medium Business Market

The reports indicates that the leading players involved in blockchain technology come by 2026The safety in transactions is also one of the...

Brazilian Agriculture Giants have Joined the Blockchain Platform to Track Grains

Agribusiness giants like French Dreyfus Company (LDC), Cofco International and Dutch multinational Glencore Agriculture will participate in this projectThere were around 500...