{"id":29119,"date":"2018-10-24T17:16:27","date_gmt":"2018-10-24T11:46:27","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=29119"},"modified":"2018-10-24T17:16:27","modified_gmt":"2018-10-24T11:46:27","slug":"blockchain-being-used-in-banking-contracts","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/blockchain-being-used-in-banking-contracts\/","title":{"rendered":"Blockchain being used in banking, contracts"},"content":{"rendered":"

Blockchain being used in banking, contracts<\/strong><\/p>\n

News:<\/u><\/strong><\/p>\n

    \n
  1. With the advent of blockchain technology, companies and banks are able to increase their operational efficiency.<\/li>\n<\/ol>\n

    Important facts:<\/u><\/strong><\/p>\n

      \n
    1. Trade finance involves complex documentation processes, high transaction costs, high settlement times and low authenticity rates with physical documents. As a result, a bank\u2019s customer needs to face delays, high costs and risks.<\/li>\n
    2. Blockchain allows all stages of transactions to be securely shared between network members. It also offers cost reduction, risk mitigation, traceability and security.<\/li>\n
    3. The technology not only appeals the Indian companies in simplifying contracts but also helps in applying consensus policy through installing smart contracts.<\/li>\n
    4. As for example, these smart contracts can be used for information which forms the basis of KYC documentation, ensuring that details like name, address, and date-of-birth cannot be modified once they have been entered into the system.<\/li>\n
    5. Government can learn the way\u00a0to regulate cryptocurrencies and blockchain from smaller countries that have adopted the technology.\u00a0smaller countries\u00a0 such as Estonia, Lithuania, and Sweden are more receptive to adopting new technologies.<\/li>\n
    6. Blockchain technology can be used to digitize and authenticate complex records like land holdings.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

      Blockchain being used in banking, contracts News: With the advent of blockchain technology, companies and banks are able to increase their operational efficiency. Important facts: Trade finance involves complex documentation processes, high transaction costs, high settlement times and low authenticity rates with physical documents. As a result, a bank\u2019s customer needs to face delays, high… Continue reading Blockchain being used in banking, contracts<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-29119","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/29119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=29119"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/29119\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=29119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=29119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=29119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}