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Title: Blockchain Technology Can Significantly Simplify Modern Banking Post by: Emperion on October 28, 2014, 07:01:10 PM Oliver Bussmann, CIO of Swiss Bank, believes that the Blockchain is the most disruptive force within the Financial Sector. The decentralized ledger of transactions could also be used to store documents which after publication, could no longer be tampered with. Documents stored on the Blockchain would be authenticated through the same underlying technology that powers Bitcoin. While being almost completely unknown in 2009, Bitcoin has become a hot topic of debate among corporations, banks, and governments.
The World Opens Up to Blockchain Technology In a report in September, The Bank of England formally recognized the technology’s potential saying that it was a “significant innovation” and that it could have ” far-reaching implications.” Bitcoins associated to the dark web deters large corporations and financial institutions from publicly talking about the disruptive technology and slows integration. The current banking system used in the majority of the world is based on technology that is over forty years old called Automated Clearing House or ACH. ACH technology batches transactions together and sends them out to be cleared in set intervals of time, this is why most bank transactions take 2-4 days to go through. By integrating Blockchain technology in modern day banking, transactions could be cleared instantly, cheaply, and more securely. Read the full article at: https://www.cryptocoinsnews.com/blockchain-technology-can-significantly-simplify-modern-banking/ Title: Re: Blockchain Technology Can Significantly Simplify Modern Banking Post by: brian_23452 on October 28, 2014, 07:46:55 PM What makes you think the banks of any desire at all to clear transactions instantly? The technology to do that has existed for decades. In at least in the USA, transactions DO clear instantly. But of course if we wait 5 days to "officially" clear your transactions we get an interest free loan. Why would we want to change that?
Title: Re: Blockchain Technology Can Significantly Simplify Modern Banking Post by: blockcoasterrr@gmail.com on January 13, 2025, 01:16:39 PM Oliver Bussmann, CIO of Swiss Bank, highlights that blockchain is a game-changer for the financial sector. Its decentralized ledger can store documents securely, making them tamper-proof after publication. This technology, which underlies Bitcoin, has gained attention from corporations, banks, and governments.
The Bank of England has recognized blockchain as a significant innovation with far-reaching implications. However, concerns about Bitcoin's association with the dark web have hindered open discussions about its potential. Currently, many banks rely on outdated technology called Automated Clearing House (ACH), which delays transactions for 2-4 days. Integrating blockchain into banking could enable instant, cost-effective, and secure transactions. For more insights and services related to blockchain technology, visit https://www.blockcoaster.com/ |