Blockchain Technology Can Significantly Simplify Modern Banking

[Emperion]

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/

[brian_23452]

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?