[2016-09-14] Next Banking Disruption Lies In One, Open Online Ledger

[sirohige]

 Imagine being able to avail a home loan almost as easily as obtaining a loan for buying white goods in an appliance store. Or, having a refund credited to your account within minutes of a failed transaction or cancellation.

This would be possible once banks begin to use the underlying technology of bitcoins called blockchain. Today, bankers spend much of their energies in establishing contracts, ascertaining identity and going through records to check whether a certain transaction did take place in the past. The technology that has the potential to address these problems is blockchain — an electronic public ledger that records virtual currency transactions which cannot be tweaked or deleted.
http://timesofindia.indiatimes.com/business/india-business/Next-Banking-Disruption-Lies-In-One-Open-Online-Ledger/articleshow/54318646.cms

[Chris!]

Weirdly written  why is it written that you 'avail a home' is that supposed to mean get in this instance? That's some old English!

I don't understand how this would speed up the process of getting a mortgage. If you walk into a bank what they need to do is get it approved based on your income and credit score then from there an appraisal of the property is done, you have the title registered and that's about it. How would using a Blockchain help that? I needs to get done either way.

When I buy my 'white goods' (lol wtf is that, appliances or cocaine?) it would make a lot more sense. You're still making a large purchase but there's no title to a dishwasher or fridge.

[Cryptorios]

can you explain more

[Dassi]

OP means that in the future, blockchain will help speed up banking verification processes and make it faster to obtain loans.

[Cryptorios]

OP means that in the future, blockchain will help speed up banking verification processes and make it faster to obtain loans.

ooh, i understand, but i think the banks fail in Blockchain Technology Application,because the banks have overlooked the most important concept of technology: decentralization.