Credits to Cooperate with Indian Banks
Over the past few years blockchain has become the buzzword of the day. As the popularity of this technology increased overtime, the banking industry started to consider blockchain application. Credits experts know exactly how blockchain technology can fit in with the world of financial services and banking.
A lot of functions that banks are supposed to fulfill are considered insecure or susceptible to various types of attacks. Back office issues, the lack of transparency, and different internal rule violations are often unavoidable. So far, in their present form the chains of blocks are incapable of fully replacing banking transactions and still need to go through some evolvement process. However, with billions of dollars worth of annual losses linked to delays in banking operations and concealing deals, and taking into account that the use of the blockchain technology can save banks upto $20 bn per year, blockchain has got a great future in banking and finance.
According to the estimate of State Bank of India, by 2030 blockchain can replace all conventional bank services. Indeed, this technology can drastically enhance the efficiency of banking operations and back office functions, while reducing multiple risks. Owing to extra data checks, smart contracts strengthen the transaction security, thus adding dynamics to the market.
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