The benefits of blockchain
Blockchain ensures that the data shared among the participants of a transaction is reliable, synchronized and secure. It is incorruptible, secure and transparent, so there are no delayed or missed transactions. There’s also no risk of human error or discrepancies and mismatch in data.
Every transaction is recorded in the central register and every connected distributed register. Jean Chalopin, Chairman of Deltec International said, “Since it’s a distributed ledger, every participant in the blockchain gets the same set of data and sees any updates or changes made.”
When data is stored in different databases, updates on anyone’s record won’t automatically reflect in the other databases. This results in possible data manipulation and duplication. Blockchain doesn’t suffer from this kind of problem. All the participants will have a copy of the same database, so all of them will see the same thing. Data stored in the blockchain can’t be modified. Participants can only add data, so all the changes made can be traced. There will be references to the added data. Participants will be able to see how the data has changed over a certain period. One-way hashes would help validate data if it was modified. Data is also encrypted.
Blockchain in the banking sector
These features make blockchain attractive to the banking sector. Some banks and other financial institutions already started adapting blockchain technology. Here are some examples of how blockchain is refining digital banking.
The blockchain is disrupting the finance and banking industry. It is creating a new way of handling financial transactions.
Disclaimer: The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.
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