With all the media collection ablaze with information on the costs of cryptocurrencies, you might wonder how it impacts a frequent man. At the core of cryptocurrency along with other electronic currencies is Blockchain technology.
Banking in almost all countries is still very focused on paper-intensive transactions for any money transfer, recordkeeping, or other back-end functions. You can choose Applicature to know more about blockchain development.
Blockchain technology can replicate this in a digital format and create a decentralized ledger that allows not only the bankers but also the customers to access a single source of information.
This system allows banks to eliminate chances of fraud as documentation and proof of ownership of assets can be checked digitally by bankers in the Blockchain ledger which can be accessed at any time in an unalterable format.
Identity theft is also a major problem in the banking sector, with citizens' information being stolen and used to open fraudulent accounts for illegal activities.
According to the Federal Trade Commission's online database of complaints, there have been over 13 million complaints filed for card fraud and identity theft with 3 million of these complaints being filed in 2016 alone.
Through a blockchain system, customers can directly view all accounts owned under their name and immediately notify their respective banks in case they spot any suspicious activity in their banking details. Some of the known examples include IBM-backed Hyperledger Fabric project and the Utility Settlement Coin by UBS.