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With contributions from BNY Mellon and Rabobank, FinTech Network have composed a whitepaper that outlines Four Blockchain Use Cases for Banks. The paper highlights areas where distributed ledger technology could disrupt the way that financial institutions currently do business including:
- Fraud Protection: How blockchain offers complete transparency on all asset transfers helping to enable real-time fraud analysis and prevention
- Know Your Customer: How KYC statements can be stored on the blockchain to reduce admin burdens and costs whilst outlining the concerns that still need to be addressed
- Trading Platforms: How the immutability and digital uniqueness inherent in blockchain offers the ability to provide a secure transfer of value that could eradicate numerous challenges that currently face trade finance
- Payments: How this technology could help to modernise payments and address some of the safety and security concerns that are still pertinent following the 2008 financial crash
To review the whitepaper, go to http://bit.ly/UseCasesBlockchain
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