the bank sector
Thanks to its transparency and innovative validation process, blockchain allows for more secure transactions. Indeed, the security of the blockchain is ensured by a decentralized network of nodes which verify the validity of each transaction and prevent any attempt at fraud.
In addition, the cryptography used by the blockchain ensures data integrity.
Among the multiple applications of blockchain in the banking sector, cost reduction represents a non-negligible aspect. Indeed, according to estimates, “blockchain could save between 5 and 10 billion dollars in the reinsurance part”, pwc.fr
Generally speaking and depending on the blockchain, transaction fees do not exceed $5, regardless of the amount transferred.
Blockchain offers a unique opportunity to simplify and secure lending and financing processes.
By using blockchain to store information about borrowers and lenders, banks can ensure full traceability of transactions while providing automatic credit checking of borrowers.
Smart contracts can also be used to automate processes.
