Four Blockchain Use Cases For Banks
With contributions from BNY Mellon and Rabobank, FinTech Network have composed a whitepaper that outlines Four Blockchain Use Cases for Banks. The paper highlights areas where distributed ledger technology could disrupt the way that financial institutions currently do business including: Fraud Protection: How blockchain offers complete transparency on all asset transfers helping to enable real-time fraud analysis and prevention. Know Your Customer: How KYC statements can be stored on the blockchain to reduce admin burdens and costs whilst outlining the concerns that still need to be....
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As global banks are increasingly experimenting with the blockchain to search for possible use-cases that they can implement in its existing banking systems, CoinTelegraph has compiled a list of some of the most notable banking giants experimenting with Bitcoin’s underlying technology. Some of the world’s most prominent banks including Citibank are even trying to create their own blockchain to facilitate transactions and settlements quickly. The following list will explore which big banks are closely studying and developing interesting use-cases for the blockchain. Santander Bank, the....
A two-day conference will see notable Asian banking giants along with other participants and developers of blockchain technology outline their use cases for the innovation. Singapore will host the ‘Blockchain for Finance Conference, Asia Pacific’ with a number of significant financial institutions participating in the event. The conference, held on June 20-21, will see banks, credit unions and building societies, among other companies from various industries to discuss and evaluate the use-cases and proof-of-concept prototypes of blockchain-based applications. Hosted by the FinTech....
William Mougayar is a Toronto-based angel investor and four-time entrepreneur who advises startups on strategy and marketing. In the first of this three-part series, he discussed how banks dealt with the emergence of the Internet and how blockchain technology is causing these institutions a whole new headache. Here, in part two, he looks at why and how banks should start embracing blockchain technology. Build on-ramps, not barriers. Banks can't really pick and choose a small subset of use cases and claim they are embracing the revolution. If you use "blockchains without bitcoin" just to....
Banks didn’t plan for the blockchain. It just happened in front of them in 2015. But, they have been thinking a lot about its implications. 2015 was the year that banks started to wonder about their blockchain strategy. Banks that didn't have such a strategy were considered laggards. But despite its revolutionary prognosis, the blockchain doesn't signal the end of banking, because the banks aren’t going to use it to disrupt or obsolete themselves. Rather, they will guide it to live within the regulated constraints of their world. The good news is blockchain implementations help banks....
The rising interest in use cases for bitcoin's underlying distributed ledger, the blockchain, is influencing the investment strategies of venture capitalists, new interviews indicate. Speaking to CoinDesk, some of the ecosystem's most frequent and most vocal investors are suggesting they are now working more closely with banks and putting an increased emphasis on projects that use the bitcoin blockchain or alternative distributed ledgers as a payments rail or distributed database. For example, Bart Stephens, managing partner at Blockchain Capital, which recently rebranded its firm from....