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Top 3 Challenges in Adopting Blockchain Technology in Banking Industry

Since the time of its invention, the blockchain technology has delineated the change that it can bring in different business areas. Various features of blockchain technology such as immutability, decentralization, and transparency make it appealing for business sectors and domains globally. Banking and finance industry is one of the leading industries in exploring the potential of this technology.  The growing use of blockchain technology in banking has uncovered the potential to disrupt this sector. This technology has several advantages in terms of adoption given its proposed features, but there are also some hurdles along the road which need to be addressed for banking and financial organizations to grow ahead. Let’s have a look at those challenges:

Major Challenges in Adopting Blockchain Technology in BankingGet More Info

Interoperability

The blockchain technology is not restricted by any international rules and regulations that impose a standard to it. With the growing need for interoperability among large industries like banks and finance, there is a need for technology to be compatible with different systems and should have the potential to get adopted by the masses. Today, integrating the existing systems with blockchain technology in banking is a big challenge as the existing processes cannot be entirely eliminated. If the actual adoption of blockchain technology in banking can allow multiple systems to work together smoothly, operational feasibility can be achieved.

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Privacy

Banking and financial institutions are the entities that people trust for depositing their funds. Therefore, it is very important that the data of customers stored with the aid of blockchain technology in banking is secured and would never challenge their privacy. As the banking transactions made on a blockchain are available publicly, the need of exploring the potential of private blockchains is required. This is a serious concern in the adoption of blockchain technology in banking along with the resolution of issues like interoperability.

Encryption

Private keys are the important components of blockchain technology in banking as they play a significant role in securing the data of an individual on the blockchain. However, a private key once generated has to be kept securely as once it is lost or misplaced, there is no way to get it back. Moreover, the use of encryption in storing data can be decoded and can make blockchain susceptible to the attacks of hackers.


Choosing the right technology that meets your every requirement is a turbulent task for companies. We at Infiniti Research understand this conundrum and have made a name for ourselves when it comes to offering insights on new technologies that can maximize your presence in the global market. To know how we can help you gain better insights into adopting blockchain technology in banking, Contact us now!

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6 Intriguing Real-world Applications of Blockchain Technology

Blockchain technology is no longer associated with only bitcoins and cryptocurrencies. The applications of blockchain now extend to various other industries who have recognized the potential of this technology. Blockchain technology – the brainchild of an unknown person who goes by the pseudonym Satoshi Nakamoto – is indeed an ingenious invention. This network-to-network chain not only guards business dealings and prevents theft or loss of data, but also quickens the processes, simplifies the company’s affairs, reduces errors, and saves organizations from hiring a third party. Here are six real-world applications of the block chain that you Get More Infomight not have known:

Applications of blockchain 

Supply chain monitoring

With the ever-increasing demand for quick and on-time delivery, supply chain efficiency has come into the limelight in most companies. This is one of the main reasons why forward-thinking companies are looking at the applications of blockchain technology in making their supply chain operations more efficient.  By using blockchain technology and removing paper-based trails, businesses can easily pinpoint inefficiencies within their supply chains, and also locate items in real time.

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