Kristen Bouchrara
90% of U.S. and European banks were exploring blockchain's potential for the banking industry in 2018.
Banks are looking to harness the power of this innovative technology to improve their payment systems and offer a more efficient service to their customers. Blockchain can enable better fraud identification, tracking, and prevention using machine learning and AI on the blockchain platform. In addition, blockchain-based payments can settle in real-time, which would be a major improvement on the current banking system.
The adoption of blockchain by the banking sector is a sign that the technology is maturing and is being taken seriously as a tool for improving existing systems. This is a positive development for the blockchain industry, which has often been associated with shady activities due to its association with the plethora of cryptocurrencies and lack of understanding of how the technology works. If mainstream institutions begin to use blockchain, it will help legitimize the technology and could lead to wider adoption in other industries.
One major barrier to implementing blockchain is due to the lack of standards and regulations around blockchain, as well as the concern over security. Banks are also cautious of investing in technology that is still in its initial stages of development. However, with more banks looking into blockchain, it is only a matter of time before we see widespread adoption of this transformative technology.
#blockchainnews #banking #blockchain #blockchainsecurity #blockchain2022 #zetazillions #blockchaintechnology #technology #ibm #crypto #bitcoin #etherium #nft