Importance of blockchain training for bankers

Ever since the world got to know about Blockchain technology, its use cases have increased. We have seen so many companies trying to explore Blockchain technology for the benefit of their business. Among the different use cases of Blockchain technology, one of the prominent areas of Blockchain’s use remains the finance sector. Many companies are using Blockchain technology to enhance transparency and to ensure data security. In this blog, we will focus on how Blockchain is going to help the bankers and the banking sector.

Key problems in the banking segment:

The banking and finance sector suffers from various issues, and one of them being a lack of transparency and data security. Hence, it becomes important for bankers to have a safe and secured system that can easily exchange data and money without leaving any loops open.

How will Blockchain help?

Blockchain is a distributed ledger technology that offers multiple benefits; its key features make this technology helpful for the bankers and banking industry. Here will be discussing how Blockchain is going to help them:

Fraud detection: The first advantage of Blockchain is that it will help the bankers in fraud detection. Although the banking system has undergone a huge transformation, there has been a steady rise in data breaches. This becomes a matter of concern for most of the industries in the financial sector. So, you need to choose an alternative that can provide all the assistance and support in making the banking system work seamlessly. With Blockchain, there is no interference of a third party, and the interaction is directly between the two parties. This reduces the exposure to third-party, thus ensuring complete data security and reducing fraudulent activities like phishing.

Know your Customer (KYC)- The next important work of any banker is to ensure proper KYC. Banks send a huge sum of money in KYC activity. As per Thomson Reuters Survey, financial institutions spend between $60 million up to $500 million per year to keep up with Know your Customer (KYC) and do customer due diligence. With Blockchain, the bankers can directly access the details without any reputation, thus saving time and money.

Smart Contracts: These are the newest and revolutionary addition to the blockchain segment, and the best part about the smart contract is that it transforms the way agreement works and executes. Smart contracts are a digital contract which is pre-programmed, and it gets executed once the conditions of contracts are met. These can be used to enhance financial transactions and complete it without any delay.

These benefits can prove useful to bankers by reducing their workload. It will also help them become adept with the latest changes in the financial sector and implement the same for the betterment of their business. Blockchain works towards making the financial sector more profound and works seamlessly.

Conclusion

Pursing a Blockhain certification will help the working professionals and even the aspiring banking professionals gain an upper edge and give you a competitive advantage. Blockchain Council offers the best online learning platform in Blockchain and allied technologies. Connect with Blockchain Council to know more about this program.

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Sophia Casey

Sophia Casey

I’m a Blockchain Expert | I’ll help you to make a good understanding of Advance Technology —Blockchain.