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What Is The Future Of Blockchain In Banking? 6 Experts Share Their Insights

  • 27 June 2019
  • Sam Mire

The arrival of one technology typically comes at the expense of another. As air travel became affordable, long-distance passenger trains fell by the wayside. As blockchain embeds itself in banking processes, older technologies will fall by the wayside.

Electronic authentication tools may be the first to go. PDFs will have little use as the blockchain automatically verifies signatures on documents. Administrators of older technologies will become expendable (saving money) and automating their role will speed processing.

Proponents expect blockchain-assisted banking to be all about speed and efficiency. Fewer moving parts, fewer intermediaries, fewer headaches.

Long-term projections are more ambitious. Once blockchain proves scalable, it could be the basis for an industry-wide database of smart contracts. These contracts would govern global financial agreements to foster greater accountability in banking. It’s very ambitious, indeed.

As the technology evolves, so will its uses in the banking sector. The simpler the use, the more immediate its impact is likely to be.


1. Rashid Oukhai, CEO and Founder of Peculium.io

Rashid Oukhai“Digital technologies offer a powerful way to boost financial access. Blockchain technology can help people to overcome the barriers that prevent them from accessing financial services, which will lead to the increase of financial inclusion. With providing an easy and transparent way to easily create an online identity, this technology will help more population to become financially included.

Blockchain could have a massive impact on procedures for conducting and confirming transactions and reduce the time required to send money from one part to another: from bank to bank or from one nation to another. In the long run, the distributed ledger could increase the efficiency, transparency, and the speed of transactions which will lead to the costs reductions of the mainstream operations of the banking systems.”


2. Dr. Michael Yuan, CSO at CyberMiles

Dr. Michael Yuan“The days of PDFs and electronic signatures for documents are gone. One of blockchain’s use cases is analogous to automated escrow accounts in the real world. As a digital ledger in which transactions made in cryptocurrency are recorded chronologically and publicly, blockchain is upending slow, laborious processing while improving the efficiency and error rate of administering moving forward.”


3. Agnelo Marques, VP Technology and Head, Blockchain CoE, Mphasis

Agnelo Marques“Blockchain will be included as an important technology in enterprise’s digital transformation journey. So far, the technology has been tried out to prove concepts in an isolated environment. This year will witness a more cohesive assembly of blockchain alongside technologies such as AI/ML, Data, and new age security mechanisms. Enterprise digital architecture, which is constantly changing, will have to factor in the network nature of the blockchain technology and have a more collaborative but secure integration with its partners in the industry ecosystem.”


4. Kumar Gaurav, CEO and Founder of Cashaa

Kumar Gaurav“With blockchain technology, we can have one banking system including both fiat and crypto, where you know what you have, and can control what it gets invested in, or without any bank or exchange being able to touch it at all.”

 


5. Eric Solis, CEO and Founder of MovoCash, Inc

Eric Solis“I envision blockchain implementation in a universal system like the Automated Clearing House (ACH) as a shared distributed ledger technology that all banks could add smart contracts to, basically becoming a global interledger banking protocol that will eventually connect every human being on planet earth.”


6. Javad Afshar, President of BlockchainBTM

Javad Afshar“When we have overcome the speed and the cost of transaction, blockchain will be adopted by all the banks because of security and immutability that can be used in all banking applications.”

 

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About Sam Mire

Sam is a Market Research Analyst at Disruptor Daily. He's a trained journalist with experience in the field of disruptive technology. He’s versed in the impact that blockchain technology is having on industries of today, from healthcare to cannabis. He’s written extensively on the individuals and companies shaping the future of tech, working directly with many of them to advance their vision. Sam is known for writing work that brings value to industry professionals and the generally curious – as well as an occasional smile to the face.

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