{"id":7400,"date":"2017-12-07T05:39:05","date_gmt":"2017-12-07T05:39:05","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=7400"},"modified":"2017-12-13T05:57:38","modified_gmt":"2017-12-13T05:57:38","slug":"five-banking-areas-most-likely-to-be-affected-by-blockchain","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/five-banking-areas-most-likely-to-be-affected-by-blockchain\/","title":{"rendered":"Five banking areas most likely to be affected by blockchain"},"content":{"rendered":"<p>Blockchain, the technology underpinning cryptocurrencies such as bitcoin, was initially treated with skepticism by banks; however, blockchain has become the latest buzzword in the financial sector. Here are the five areas within the sector most likely to be affected by blockchain:<\/p>\n<ol>\n<li><strong>Clearing and settlement <\/strong>\u2014 it is estimated the some of the largest investment banks could save up to USD 10 billion by using blockchain technology to record loans and securities.<\/li>\n<li><strong>Payments <\/strong>\u2014 many central banks across the world are exploring the potential of shifting part of their payment systems to run on blockchain technology, or even digital currencies. Some commercial banks, tired of waiting for central banks to act, are even pressing forward with their own similar projects.<\/li>\n<li><strong>Trade finance<\/strong> \u2014 trade finance is still largely based around bills of lading or letters of credit being sent by fax or post. Many believe that blockchain technology is the obvious solution to modernize this area, especially as numerous parties may need access to the same information.<\/li>\n<li><strong>Identity <\/strong>\u2014 for years, banks have tried (and failed) to set up a shared digital utility to record customer identities. Blockchain technology could be the solution because of its cryptographic protection and its ability to share a constantly updated record with many parties.<\/li>\n<li><strong>Syndicated loans <\/strong>\u2014 in the U.S., syndicated loans, on average, take 19 days for all transactions to be settled by banks. Moreover, when a customer pays a loan off early, much of the communication is still done by fax. Blockchain technology could help speed this process up enormously.<\/li>\n<\/ol>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-7400 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='First payments through Telegram Messenger in Kazakhstan'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/first-payments-through-messenger-in-kazakhstan\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2016\/10\/maxresdefault-1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-3674\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-3674'>\n\t\t\t\tFirst payments through Telegram Messenger in Kazakhstan\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='5 reasons big enterprises should partner with IoT startups'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/5-reasons-big-enterprises-should-partner-with-iot-startups\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/12\/5-reasons-big-enterprises-should-partner-with-iot-startups-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-11987\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-11987'>\n\t\t\t\t5 reasons big enterprises should partner with IoT startups\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='The importance of data science skills in HR'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/the-importance-of-data-science-skills-in-hr\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/05\/business-presentation-laptop-screen_53876-13516-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12740\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12740'>\n\t\t\t\tThe importance of data science skills in HR\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Blockchain, the technology underpinning cryptocurrencies such as bitcoin, was initially treated with skepticism by banks; however, blockchain has become the latest buzzword in the financial sector. Here are the five areas within the sector most likely to be affected by blockchain: Clearing and settlement \u2014 it is estimated the some of the largest investment banks &hellip;<\/p>\n","protected":false},"author":5,"featured_media":7497,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[45,35,206,70],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/7400"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=7400"}],"version-history":[{"count":3,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/7400\/revisions"}],"predecessor-version":[{"id":7481,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/7400\/revisions\/7481"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/7497"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=7400"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=7400"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=7400"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}