Block Chain technology is the most interesting creation of information technology. Banking sector is actively using block chain technology to make sure that transaction is secure and safe. Block chain technology records the list of orders in the form of blocks, these blocks are resistant to alteration of data being saved. Block chains are quite secure by design and they contain all the record of transaction between parties or organizations. Some of the present and future prospects of block chain technology will help to understand this phenomenon in more detail.
Block Chain Technology and Finance Sector
Block chain technology is quite new in banking sector and different firms and finance organizations are exploring this technology in more detail to be implemented in their organizations. Intra-bank transactions are readily implementing block chain technology to ensure the secured transaction between the parties. It restricts the influence of any third party or modification of recorded lists or blocks. According to different financial services, block chain technology will revolutionize the concepts of financial services. Different developed countries have widely appreciated and adopted block chain technology in their banking sector. Block chain technology is going to be the game changer in near future and more profits and revenue opportunities are expected.
Quicker Transactions and Lower Costs
The transactions between parties and organizations are being done at fast pace. An interbank transaction normally takes various days for authorization and final statement. Whereas, block chain technology has the capability to process the information in just minutes and is available in 24 hours a day and 7 days a week. Block chain technology has limited the involvement of third party and it also offers low costs for exchanging money which has attracted the global market.
Transparency and Authenticity
Block chain technology is transparent because all the parties or organizations can view the record as; the record is set public to all the parties. Therefore, chances of manhandling are reduced and its authenticity is increased as well. Transparency and authenticity are absent in conventional inter banking services. Users are informed about their transactions and they trust this service because all the transactions are secured and exact. It is also able to fight against hacking, due to its decentralized networks.
Future of Block Chain Technology
The future of block chain technology is very bright. It is going to dominate all the banking sectors in coming years. It will result in massive cost reduction and high profits. Central banks will be using block chain technology by enhancing the equity management skills. According to different reports and surveys, various world leading banks have implemented block chain technology and some banks are exploring the pros and cons of block chain technology for its application in their organizations. Block chain is being actively utilized in current era and it ensures that future of block chain is quite optimistic. The cost effectiveness, authenticity and transparency have enhanced its value.
This technology has changed the face of Internet banking and is bringing in positive remarks from its users. Hopefully, it will add to the overall economic growth of the world.
Author’s Bio: This article has been written by Ellie Malan, a Developer, Programmer she writes too many blogs on Online Essay Help, and a writer who mainly writes on latest trends in information technology.