bankingciooutlook

Fast-forwarding the Financial Industry with Advanced Technology

Banking CIO Outlook | Tuesday, November 06, 2018

The blockchain technology has created a highly positive impact in several industries and offers various opportunities toward innovation and growth. Blockchain, especially in the financial sector, provides numerous benefits. It is a digitized electronic ledger where the transactional records cannot be altered. The buying and selling of cryptocurrencies have grabbed the attention of the mass public. The technology behind cryptocurrency is blockchain, which is powered by token acting as the form of payment. The tokens are decentralized in blockchain where the transactions are permanently stored.

One of the concerns in the financial industry is about the currency.  Bitcoin (BTC) and Litecoin (LTC) have become very popular means of currency. The form of payment through bitcoin for everyday purchase is made easier. However, due to its volatile nature, it is not encouraged. Tokens such as Dash (DASH) and TenX (PAY) have replaced bitcoin in such purchases.

Blockchain betting has also recently gained popularity. Blockchain BlitzPredict in particular changes sports betting with an aggregator that is continuously scanning and trying to find the best odds. The centralized authorities and payments are the problems present in modern-day sports betting works. By moving sports betting to blockchain predictions, these problems can be solved.BlitzPay (BPZ) is the token acting as the form of payment in sports betting. BPZ can also be used for many such advantages, including other betting transactions like purchasing expert advice.

Another aspect of the financial industry is the global banking system. Cryptocurrency Ripple (XRP) is the token acting as the form of payment in the global banking system where the Ripple provides the solution for global payment in the form of blockchain. The issues faced in the global payment arena such as high settlement time, increased costs, and high failure rates are solved with XRP. XRP acts as a most scalable token in the world at a low cost.

Blockchain provides an increase in efficiency and removes the intermediaries. This technology resolves the issue of identity theft. It also helps banks to decrease the time needed to settle cross-border remittance of the customers. The financial industry can leverage blockchain to gain many such advantages to stay ahead of the marketplace in today’s digital era.

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