Blockchain technology has various applications over the world of the digital era and its power created a unique way of style that lets the business entrepreneurs unleash the marketing pole. Already, the world has seen its illusion over cryptocurrency, insurance, automobile industry etc. Trialing over the period of functionalities and assembling modules, how far is this technology precise and accurate? And talking about the banking sector, the complete process that includes payments, transactions, loads of data, history, vendors etc. the security is kind of a big issue. And the role of blockchain will be perfect for the banking and financial sector, let's see how things go in banking modules.
So, the formulae of the blockchain technology includes two main factors,
Database + cryptography = Blockchain
Database management isn't that simple and needs a lot's a space, usually, cloud space is the way to keep these stored and the question that pops up instantly will be how far is it safe? To make this security issue safe cryptography is the technology used that lets the information accessible only on the two ends - the sender and the receiver. A key will be the one that lets the two open up the information, we call it "cipher key", encoding and decoding is the process that let the data safer and secure. This two aspect creates an unbreakable blockchain platform.
All the ledger distribution of the bank or financial institution will be available here and it's termed as "distributed ledger". The pile of software assistance without any control is no longer necessary to keep things tied together and with this technology, all it matters is when it is going to be introduced? Here, it's not just the pile of money that matters, all the pulp-based money can be even stored inside in the form a cryptocurrency which is already in existence or a new one especially for the concerned bank - Ripple is an example for such cryptocurrency but it's a centralized one. And blockchain is the hot topic in banking field nowadays, even ICO's can be set up to keep the initial period sumptuous.
So, the parts to manage the banking sector.
- Records & data management
- Payment modules
- Finance section
- Individual & group identification
- Loans & similar offerings etc.
To explain all these parts of blockchain application over banking sector it takes a great time and efforts to research. Following this article, we'll be publishing a series of a related piece of writing that demonstrates or explains the above banking sector parts to concern about.
We've already developed blockchain technology over the network marketing business with the help of our network marketing software. Let the banking be quick and safer in future.