Commodity based, politically based, and now, math-based. The physical appearance of money in any form is a satisfactory sight, holy contentment. But the changing technology demands this satisfaction to shift the gear in every decade or so. http://bit.ly/2lu3ik2

1. RWaltz Software Pvt.Ltd. | 2019
Will Blockchain Change The Way We Do Banking?

2. Table Content
1. Synopsis
2. Blockchain Making Tidal Waves in Core Banking
3. How exactly is this drive immutability helpful to the banks?
4. Money will stop hopping the borders requiring a visa.
5. Blockchain Banking

3. Synopsis
Currency Has Three Eras:
Commodity based, politically based, and now,
math-based. The physical appearance of money in
any form is a satisfactory sight, holy contentment.
But the changing technology demands this
satisfaction to shift the gear in every decade or so.
The new luring scenery is that of the “Blockchain
ecology,” about which almost all of us are aware.
But has it become that popular to take the place of
the modes of our daily transactions? Well, the
answer, for now, is a ‘No,’ but, it can and certainly
will be a ‘Yes’ tomorrow. This is no exaggerated
claim. An insight into the workable global trends is
replete with proofs.
RWaltz Software Pvt.Ltd. | 2019

4. It is expected that in less than ten years, Blockchain will be used to
pay and collect the taxes. Banks among all other industries are the
first one to adopt the Blockchain technology, J.P Morgan is first
such enterprise. Imagine if in a way, community pooling is digitized
and each of its members is like the nodes on this virtual ledger,
internally and secretively aware of their transactions; this
reference makes it easy to understand how the peer to peer
transaction in the Blockchain through cryptocurrency, like bitcoin,
works. The generated blocks are compounded in a single ledger
accessed by all.
RWaltz Software Pvt.Ltd. | 2019
Blockchain Making Tidal Waves In Core Banking
System

5. Looking at the simple utility first, we can say that Blockchain
technology will help to bridge a unifying link between the banks,
avoiding the need of the correspondent banking. Eliminating the
need for a centralizing agency like a ‘Central Bank’ for a database
and a management systems banks will be able to formalize and
secure the digital relationships among themselves. With the
uncopiable digital code designed by the bitcoin, there cannot be
repeated scores of money either transacted or received. The
workability of blockchain benefits for bank lies in the fact that to a
major extent it is able to eliminate or skip the procedural flaws as
well as the cost. Accounting and auditing have never been hassle-
free domains, but wouldn’t it be great if they are not needed at all?
Blockchain databases are built from their own transaction history.
In this self-contained system of record, the tactful survey of
transactions is just not required.
Regulatory compliance- the fear of money laundering is one of the
bank's nightmares. To get an edge over it, banks have to undergo
severe reporting obligations to their respective anti-money
laundering agencies erected by the countries. For example, every
single time they authorize a transaction above $10,000, there
arises a need to inform the FinCEN, who has to upgrade its anti-
money laundering database regularly.
RWaltz Software Pvt.Ltd. | 2019
How Exactly Is This Drive Immutability Helpful To The
Banks?

6. Blockchain helps in creating the straightest line between the two
points on a banking circle, who would use a shared ledger for
transactions, contracts, and relevant documents. The ease of
simultaneous entries between two banks parted by a border,
disrepute the need of the complex bank structures and
transactional delays and the errors.
RWaltz Software Pvt.Ltd. | 2019
Money Will Stop Hopping The Borders Requiring a Visa

7. Well, Blockchain banking today is very much a reality, as big
banking entities have opened their windows though partially. To
make it function flawlessly, however, a lot is yet to be done. For
example, there has to be a substantial nexus between the banking
and the non-banking sector, which could lay its foundation on the
Blockchain fostered ‘smart contract’ phenomena. We should never
forget the contribution of the non-banking financial sectors in
spreading the roots of digital Transformation to remote parts of
the globe.
Blockchain has amicably changed the concept of trust, from
‘centralized trust’ to that of the ‘distributed trust’. The pooled
interest of the bank is imminent, to make Blockchain banking a
reality in any country in the immediate future. Well, inceptions
have voids, so does blockchain technology in banks. The most
prominent being the issue of integration, as every face has ahead
and there is a great deal of struggle to make all accept, what is
acceptable to a few. The same is with blockchain technology in the
banking sector, and if this new revolution has to come in the way
we do banking, we all have to accept and embrace the change.
RWaltz Software Pvt.Ltd. | 2019
Blockchain Banking

8. RWaltz Software Pvt.Ltd. | 2019
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RWaltz Software Pvt.Ltd. | 2019