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How Blockchain is changing banking, and why Ripple could disrupt the entire industry

One of the revolutionary technologies of the present time and the underpinning of future transformations. Amongst the different uses of Blockchain technology, it has been proven beneficial for transactions and money transfer.

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How Blockchain is changing banking, and why Ripple could disrupt the entire industry

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  1. How Blockchain is changing banking, and why Ripple could disrupt the entire industry One of the revolutionary technologies of the present time and the underpinning of future transformations. Amongst the different uses ofBlockchain technology, it has been proven beneficial for transactions and money transfer. It is the distributed ledger technology that works on peer-to-peer interaction, thereby reducing third-party intervention. All this makes Blockchain a powerful technology for the banking and financial sector. In this blog, we are going to highlight how Blockchain is helping the banks and the role of Ripple in it.

  2. Challenges in the banking sector The banking and finance sector has evolved with time, and digitization has transformed it. But the fact of the matter is that this technological intervention has also led to the rise in data breach cases. Besides, the process of verification and validation of transactions increases the time. Such bottlenecks impact the banking process, and so there is a need to have a new technological intervention that is going to improve the efficiency of the banking system. Some of the key challenges of the Banking sectors are: 1. Third-party intervention 2. Time taking processes 3. Data security 4. Tracking of information 5. False claim settlement 

  3. The solution Blockchain is the probable answer for this. The developer's eye Blockchain as the panacea for the bottlenecks that halts the growth of the industry. The DLT technology works on peer-to-peer networking, which doesn’t involve third-party, thus making it easy for both parties to directly interact with each other.  Besides, it allows data storage via encryption, and it eventually increases the security of data. Here is how Blockchain is helping the banking sector: • Clearance of transaction- In the conventional scenario, the transfer of an amount from one bank to another takes around three days. This increases the overall transaction cycle. Moreover, the transaction of large volume is a logistic nightmare for the banks. To overcome this, Blockchain can be a probable solution. Ripple, which is an entire Blockchain service provider, can prove helpful here.

  4. Data security- The next important parameter where Blockchain proves to be beneficial is data security and safety. All the transactions in the Blockchain are encrypted cryptographically. It ensures that all the information in the DLT is safe and free from data breach and threat. Data loss and the breach is a key concern for the banking and financial industry. It ensures the complete safety of personal information. 

  5. What we are targeting are Ripple and SWIFT. They are redefining how cross-border payments will be transformed in the years to come. SWIFT is an interbank messaging service that has been providing messaging for around 45 years. SWIFT is now improving its services and performance to increase its productivity; SWIFT is competing with Blockchain on the parameter of scalability. But when it comes to the parameter of data security and efficiency, then Blockchain takes the lead. The future Blockchain is going to bring in transformative change in the industry, and if you too want to be a part of this change, this is the right time to enrol for the Blockchain certification by the Blockchain Council. 

  6. Blockchain Council Certifications You can check out our certifications, and kick start your career in the Blockchain space today. • Certified Blockchain Expert • Certified Blockchain Developer • Certified Smart Contract Developer • Certified Solidity Developer • Certified Ethereum Developer

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