How blockchain is changing the current banking landscape?
The banking industry plays the role of intermediary in the global economy by managing and coordinating the financial system through its internal bookkeeping system. Since that type of bookkeeping data is not made available to the general public, it only forces the public to trust the banking system and its aging infrastructure. Blockchain technology has the potential to disrupt the global money markets and even reshape the entire banking industry by outlawing middlemen, and can replace traditional banking with systems that are easily accessible, borderless and transparent without the need for trust. Blockchain has the advantage of enabling faster and less costly transactions, setting access to capital, establishing greater data security, and smoothing compliance by executing trust-less protocols through smart contracts. In addition, given the innovative nature of blockchain, entirely new ways of interacting between financial components have the potential to give rise to entirely ...