Blockchain technology is no doubt making life more comfortable and transparent to organisations or companies especially the financial institutions.
Most importantly, understanding what blockchain technology literally means helps a lot because it allow you to forge ahead and to know how best to explore the opportunities it presents.
However, blockchain technology is not cryptocurrency as many think of it to be but fundamentally blockchain technology is a brain and the strength on which cryptocurrencies and its activities exist on.
What is blockchain technology?
It is the technology behind input and output of data that can't be edited once you input them. It contains a central ledger that stores informations of different activities such as transactions.
It could also be refered to as network of computers linked together, sharing information or data that can't be edited even with the central server.
Banks using blockchain technology
Certainly banks that has integrated the use of blockchain technology are less than 50 globally, few that I am aware of are Wells Fargo, Barclays Bank, HSBC etc though more banks plans to use it.
Fundamentally, the enormous and sensitive activities or operations carried out by banks on daily basis require the use of blockchain technology.
Undoubtedly, Financial experts, bank owners and government that desires transparency and efficiency in bank operations knows that blockchain technology is the best solution but are the bankers ready to integrate blockchain technology?
Moving forward, banks are found of deducting little amount of money in the name of charges that are unaccounted for nor justified but because they use central servers that can be manipulated, the little deductions when accumulated becomes huge amount which is shared accordingly. Some of these activities are not traceable which inturn makes some of them richer, in some cases even the owners and board are fully aware of this.
Blockchain technology if integrated by all banks will definitely eradicate all these criminal activities but the question remains if the system is willing to.
