Have you been into banking and investing over the past few years? Perhaps, you might be familiar with the term blockchain. Yes, blockchain is the distributed ledger technology, which facilitates recording transactions and tracking assets in any business network. Its advanced features like transparency, immutability and decentralization have been beneficial to all industries globally.
Right from cryptocurrencies, blockchain technology has created a hype and stepped far beyond rather than just powering bitcoin or ether transactions. The transparent secured nature of blockchain is the sole reason for its adoption into various industries for growth and development. Then, how banking sector will alone be an exception to this scenario?
Blockchain can transform the banking process in a more secure, reliable, efficient, transparent and flexible way. Banking is the most popular domain of blockchain because of security concerns.
Following IBM, 66 percent of banks are looking to implement blockchain in commercial production and scale in the next four years. The global blockchain in the banking sector estimates about 4112.5 million dollars by 2029, along with a CAGR of 18.4%
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