Banking with Blockchain
16 Apr 2020
Financial institutions are often the ones making the world go round. When impacted financially, the effect ripples down to those that rely on that organization to provide a safe and secure environment to trade, save, and spend. Technology, an enormous part of the banking world, has changed the way people bank, where once cash was the only available way, technology has advanced into a world where physical money is obsolete and digitalization is essential, making the ability to bank more convenient, but also opening the door for more discrepancies. With digitalization, these institutions rely heavily on technology to help secure platforms with which the everyday banker uses on a daily basis, technology is essential to protect these digital transactions. Unfortunately, as technology quickly advances, it also just as quickly becomes outdated and more advanced revolutionary technology is implemented to secure those valuable assets as time goes on.
“The benefits for banks of utilising blockchain tech are much the same as for individual loan providers, but perhaps even more useful for larger institutions, as they can streamline and optimise their operations. Blockchain naturally connects all parties on a system, so the customer would be linked directly to the lending institution, with full transparency and a real-time view of finances on an immutable ledger. This means there is much less need for due diligence which is very time consuming and expensive — a cost which is often pushed on to the borrower.” More to the story here
Technology needs to be reliable, and yet adaptable in a way that can be incorporated to the point of being customizable within the banking industry, with different levels of security to support large and small organizations. That is why technology needs to be implemented on all fronts, within a platform that could not be altered or changed, in a way that safeguards the bank, it’s employees and its customers. The technology currently available and in use has proven the efficiency with record-keeping, security and anti-fraud prevention is only effective when multiple measures are in place. Physical, Visual and Digital implementation is immensely necessary when safeguarding from all directions. Thankfully, VeriDoc Global’s revolutionary introduction of QR code technology accompanied by blockchain technology has proven their patented solution is the next step in the fight against those that would devalue the importance of protecting such an institution.
“If a bank had a full transaction history, with inflows and outflows, details of outstanding bills, and so on, then a lending decision becomes much easier. It could run a credit worthiness check algorithmically, speeding up the process significantly. Codified instructions generated by smart contracts can be extremely useful for reducing errors, fraud, automating the settlement process and digitizing contracts. Efficiency would be improved, as managing the lending workflow is tedious and time-consuming, but can be largely automated on the blockchain. Not to mention that blockchain also allows safe permissioning of data visibility for auditors, regulators and investors, and secure transmission and storage of sensitive data.” More to the story here
Click here to go directly to the use case without scanning the QR code.
With strides already made and in effect with their current and proven tech, VeriDoc Global is maintaining the industry’s integrity and morals with their patented blockchain solution. With key features in protecting financial identity and data while cutting down the costs of transactions. The same technology allows for VeriDoc Global to customise the storage of necessary information on a blockchain network and tailor permissions and access to any customer or staff member. All the information you could possibly need permanently logged to that particular loan or application. Tracking, traceability for the life of the loan or application. The same technology currently in use and accomplished for fraud prevention and its many successes could also be applied to the banking industry. With advances in technology stripping digital assets from hard-working people, there needs to be the introduction of technology that is as flexible and yet as unwavering as VeriDoc Global’s reliable proven patented solution.
Because without it, the cost is simply too great.
To learn more about VeriDoc Global’s finished solution visit the website at www.veridocglobal.com
This story was first posted on Medium.