According to experts, the potential of blockchain technology goes far beyond cryptocurrencies, which rely on it like Bitcoin. Blockchain can be used, among other things, in the banking sector, thus providing an answer to the legal problems of banks. As experts explain, banking institutions are required to send information in a form that prevents any subsequent interference with the content of documents and provides customers with constant access at any time. Internet banking does not meet these requirements. Blockchain technology, in turn, allows documents to be sent in accordance with security requirements.
Blockchain technology is used to store and send information about transactions concluded on the Internet. It is based on a peer-to-peer (individual) network without central computers, control systems, and transaction verification systems. According to experts, the estimated value of the global blockchain market by the end of 2025 will be $39.7 billion. The financial sector is one of the biggest beneficiaries of the practical application of this technology.
In Ukraine, Kiev, Lvov, Odessa, there are more and more blockchain projects using its advantages. iTizzi predicts the coming years will be decisive for the commercial development of the blockchain. By 2024, banks will determine the benefits of using this technology and discuss regulatory requirements. Banks today have no doubts, for example, that an industry solution based on blockchain technology has nothing to do with cryptocurrencies. Banks see the potential and opportunities of blockchain and see it as a solution that can be used in many banking processes.
Later, new products and services will emerge with its use, so that in 2025 it will become an integral part of the financial system. Blockchain is likely to be used in customer identification, fraud detection and prevention, and it will be used to conclude transactions such as exchange transactions, international payments, or land and mortgage registries. One of the possibilities for introducing blockchain technology is a system that allows you to verify the authenticity of bank documents, including regulations and tariffs of fees and commissions.
What will the average consumer gain from this? The experts answer that this will reduce the cost of many financial products and services. In social terms, this could mean a significant reduction in the level of financial exclusion, which will affect at least 3 billion people worldwide. Thus, the financial sector can attract new or more active clients.
The list of services of the Ukrainian blockchain company for the development of applications and software iTizzi in the context of the blockchain includes:
- Development of software for blockchain,
- Blockchain smart contracts: writing and testing,
- Technical development for ICO,
- Development of cryptocurrency,
- Customized blockchain solutions,
- Blockchain applications,
- Development of a cryptocurrency wallet,
- Decentralized Applications (Dapps),
- Protection and decentralization of the company, website, business with the help of individual software solutions based on the blockchain.
What is the use of implementing blockchain solutions for banks in Vinnytsia, Dnipro?
The main goal of banks and any commercial enterprise is to maximize profit and efficiency, which is measured by the ratio of costs and benefits. Effectiveness can be understood in an operational and strategic sense. Operational efficiency means getting the job done better using the same technologies as the competition. On the other hand, efficiency in a strategic sense means finding new solutions that will give a competitive advantage in the future. Blockchain technology improves work efficiency:
- And in an operational sense (due to faster processing of digital documents and a decrease in the number of required paper documents),
- And strategically (producing still non-existent financial forms for products).
The main operational advantages of implementing blockchain technology for the banking system are data processing speed, greater transparency and security. These advantages are achieved due to open access to the registry, the inability to delete the operation, which allows you to identify and block unwanted tampering, as well as a decentralized system that reduces the risk of data errors.
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