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10 essential use cases of blockchain in banking

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AmniAugustine

Blockchain technology is an open, distributed ledger that records transactions between two parties efficiently and permanently. A blockchain consists of individual blocks of data that involve a series of related transactions, linked together in a specific order.

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WWW.BRUGU.IO | INFO@BRUGU.IO Byofferinghighersecurityandlowercostofsending payments,bankscouldintroduceanewlevelofservice, bringnewproductstothemarket,andfinallybeableto competewithinnovativefintechstartups. 2. CLEARANCE AND SETTLEMENT SYSTEMS Adistributedledgertechnologylikeblockchaincouldenablebank transactionstobesettleddirectlyandkeeptrackofthembetterthan existingprotocolssuchasSWIFT.Anaveragebanktransfertakesafew daystosettlebecauseit’slimitedbythewayourfinancialinfrastructure wasbuilt. 10 ESSENTIAL USE CASES OF BLOCKCHAIN IN BANKING 3. FUNDRAISING Entrepreneursputdeckstogether,carryoutcountless meetingswithpartners,followlongnegotiationsover valuationandequity–and,eventually,hopetoexchange theircompanyforpayment. 4. CREDIT AND LOANS Traditionalbankinginstitutionsunderwriteloansbyusing asystemofcreditreporting.Withblockchain,we’re lookingatthefutureofpeer-to-peerloans,fasterand moresecureloanprocessesingeneral,andevencomplex programmedloansthatcanapproximatesyndicatedloan structureormortgages. 5. TRADE FINANCE Anotherareablockchainissettorevolutionizethetrade financesector.Tradefinancereferstoallofthefinancial activitiesrelatedtointernationaltradeandcommerce. 6. BLOCKCHAIN IN BANKING AS DIGITAL IDENTITY VERIFICATION Bankswouldn’tbeabletocarryoutonlinefinancial transactionswithoutidentityverification.However,the verificationprocessconsistsofmanydifferentsteps thatconsumersdon’tlike. 1. FASTER PAYMENTS 7. BLOCKCHAIN IN BANKING FOR ACCOUNTING AND AUDITING Accountinghasbeenarelativelyslowareatodigitize.One ofthereasonsbehindthatistheneedtomatchthestrict regulatoryrequirementsregardingdataintegrityand validity. 8. HEDGE FUNDS Ahedgefundisatypeofinvestmentpartnershipthatinvolvesa fundmanagerandagroupofinvestorswhoarelimitedpartners. Butsuchparticipantsareusuallytradersandnotyourordinary investors.Theideabehindhedgefundsismaximizinginvestor returnsandminimizingtherisks. 10. PEER-TO-PEER (P2P) TRANSFERS P2Ptransfersallowcustomerstotransferfundsfromtheir bankaccountsorcreditcardstoanotherpersononline. Currently,therearemanyP2Ptransferapplications availableonthemarket.Buttheyallcomewithcertain limitations. 10. BUYING AND SELLING ASSETS Allofthesedifferentpartieshavebeenconstructed aroundanoutdatedsystemofpaperownership.Asyou canguess,thesystemisnotonlyslowbutriddledwith errorsandpronetodeception.

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10 essential use cases of blockchain in banking

  • 1. WWW.BRUGU.IO | INFO@BRUGU.IO Byofferinghighersecurityandlowercostofsending payments,bankscouldintroduceanewlevelofservice, bringnewproductstothemarket,andfinallybeableto competewithinnovativefintechstartups. 2. CLEARANCE AND SETTLEMENT SYSTEMS Adistributedledgertechnologylikeblockchaincouldenablebank transactionstobesettleddirectlyandkeeptrackofthembetterthan existingprotocolssuchasSWIFT.Anaveragebanktransfertakesafew daystosettlebecauseit’slimitedbythewayourfinancialinfrastructure wasbuilt. 10 ESSENTIAL USE CASES OF BLOCKCHAIN IN BANKING 3. FUNDRAISING Entrepreneursputdeckstogether,carryoutcountless meetingswithpartners,followlongnegotiationsover valuationandequity–and,eventually,hopetoexchange theircompanyforpayment. 4. CREDIT AND LOANS Traditionalbankinginstitutionsunderwriteloansbyusing asystemofcreditreporting.Withblockchain,we’re lookingatthefutureofpeer-to-peerloans,fasterand moresecureloanprocessesingeneral,andevencomplex programmedloansthatcanapproximatesyndicatedloan structureormortgages. 5. TRADE FINANCE Anotherareablockchainissettorevolutionizethetrade financesector.Tradefinancereferstoallofthefinancial activitiesrelatedtointernationaltradeandcommerce. 6. BLOCKCHAIN IN BANKING AS DIGITAL IDENTITY VERIFICATION Bankswouldn’tbeabletocarryoutonlinefinancial transactionswithoutidentityverification.However,the verificationprocessconsistsofmanydifferentsteps thatconsumersdon’tlike. 1. FASTER PAYMENTS 7. BLOCKCHAIN IN BANKING FOR ACCOUNTING AND AUDITING Accountinghasbeenarelativelyslowareatodigitize.One ofthereasonsbehindthatistheneedtomatchthestrict regulatoryrequirementsregardingdataintegrityand validity. 8. HEDGE FUNDS Ahedgefundisatypeofinvestmentpartnershipthatinvolvesa fundmanagerandagroupofinvestorswhoarelimitedpartners. Butsuchparticipantsareusuallytradersandnotyourordinary investors.Theideabehindhedgefundsismaximizinginvestor returnsandminimizingtherisks. 10. PEER-TO-PEER (P2P) TRANSFERS P2Ptransfersallowcustomerstotransferfundsfromtheir bankaccountsorcreditcardstoanotherpersononline. Currently,therearemanyP2Ptransferapplications availableonthemarket.Buttheyallcomewithcertain limitations. 10. BUYING AND SELLING ASSETS Allofthesedifferentpartieshavebeenconstructed aroundanoutdatedsystemofpaperownership.Asyou canguess,thesystemisnotonlyslowbutriddledwith errorsandpronetodeception.