Will Blockchain Change The Way We Do Banking?

1
Will Blockchain Change The Way We Do Banking?
RWaltz Software Pvt.Ltd. 2019
2
Table Content

• Synopsis
• Blockchain Making Tidal Waves in Core Banking
• How exactly is this drive immutability helpful to
  the banks?
• Money will stop hopping the borders requiring a
  visa.
• Blockchain Banking

3
Synopsis
Currency Has Three Eras Commodity based,
politically based, and now, math-based. The
physical appearance of money in any form is a
satisfactory sight, holy contentment. But the
changing technology demands this satisfaction to
shift the gear in every decade or so. The new
luring scenery is that of the Blockchain
ecology, about which almost all of us are aware.
But has it become that popular to take the place
of the modes of our daily transactions? Well, the
answer, for now, is a No, but, it can and
certainly will be a Yes tomorrow. This is no
exaggerated claim. An insight into the workable
global trends is replete with proofs.
RWaltz Software Pvt.Ltd. 2019
4
Blockchain Making Tidal Waves In Core Banking
System
It is expected that in less than ten years,
Blockchain will be used to pay and collect the
taxes. Banks among all other industries are the
first one to adopt the Blockchain technology, J.P
Morgan is first such enterprise. Imagine if in a
way, community pooling is digitized and each of
its members is like the nodes on this virtual
ledger, internally and secretively aware of their
transactions this reference makes it easy to
understand how the peer to peer transaction in
the Blockchain through cryptocurrency,
like bitcoin, works. The generated blocks are
compounded in a single ledger accessed by all.
RWaltz Software Pvt.Ltd. 2019
5
How Exactly Is This Drive Immutability Helpful To
The Banks?
Looking at the simple utility first, we can say
that Blockchain technology will help to bridge a
unifying link between the banks, avoiding the
need of the correspondent banking. Eliminating
the need for a centralizing agency like a
Central Bank for a database and a management
systems banks will be able to formalize and
secure the digital relationships among
themselves. With the uncopiable digital code
designed by the bitcoin, there cannot be repeated
scores of money either transacted or received.
The workability of blockchain benefits for bank
lies in the fact that to a major extent it is
able to eliminate or skip the procedural flaws as
well as the cost. Accounting and auditing have
never been hassle-free domains, but wouldnt it
be great if they are not needed at all?
Blockchain databases are built from their own
transaction history. In this self-contained
system of record, the tactful survey of
transactions is just not required. Regulatory
compliance- the fear of money laundering is one
of the bank's nightmares. To get an edge over it,
banks have to undergo severe reporting
obligations to their respective anti-money
laundering agencies erected by the countries. For
example, every single time they authorize a
transaction above 10,000, there arises a need to
inform the FinCEN, who has to upgrade its
anti-money laundering database regularly.
RWaltz Software Pvt.Ltd. 2019
6
Money Will Stop Hopping The Borders Requiring a
Visa
Blockchain helps in creating the straightest line
between the two points on a banking circle, who
would use a shared ledger for transactions,
contracts, and relevant documents. The ease of
simultaneous entries between two banks parted by
a border, disrepute the need of the complex bank
structures and transactional delays and the
errors.
RWaltz Software Pvt.Ltd. 2019
7
Blockchain Banking
Well, Blockchain banking today is very much a
reality, as big banking entities have opened
their windows though partially. To make it
function flawlessly, however, a lot is yet to be
done. For example, there has to be a substantial
nexus between the banking and the non-banking
sector, which could lay its foundation on the
Blockchain fostered smart contract phenomena.
We should never forget the contribution of the
non-banking financial sectors in spreading the
roots of digital Transformation to remote parts
of the globe. Blockchain has amicably changed the
concept of trust, from centralized trust to
that of the distributed trust. The pooled
interest of the bank is imminent, to make
Blockchain banking a reality in any country in
the immediate future. Well, inceptions have
voids, so does blockchain technology in banks.
The most prominent being the issue of
integration, as every face has ahead and there is
a great deal of struggle to make all accept, what
is acceptable to a few. The same is
with blockchain technology in the banking sector,
and if this new revolution has to come in the way
we do banking, we all have to accept and embrace
the change.
RWaltz Software Pvt.Ltd. 2019
8
Contact Details
Address

• Contact No.
• 1 404 973 2223
• 1 678 298 8244
• 91 7499345429
• Email
• contact_at_rwaltz.com
• Website
• www.rwaltz.com

USA Office 5910 Shiloh Rd East, Suite 123,
Alpharetta, GA 30005- USA. India Office Plot
No.23, Aatmavishvas Colony, Near Rathachakra
Chowk,Indira Nagar, Nashik - 422009.
RWaltz Software Pvt.Ltd. 2019
RWaltz Software Pvt.Ltd. 2019