Many Banking companies might ask “Why change something that isn’t broken?” However the current banking system is broken compared to the potential. Current systems are subject to fraud, impersonation, embezzlement, miscalculations, and even simple mistakes such as sloppy spelling allowing hackers to gain access into bank servers in Bangladesh leading to a 81$ million missing from the Federal Reserve Bank in New York. These are all flaws that could be avoided with a simple transfer from the current system to Blockchain technology.
As stated by Resham Karira The Primary Benefits of a Blockchain Banking system are as fallows;
Security – The fact the Blockchain ledger is distributed across thousands of computers means that hacking is almost impossible, reducing server maintenance requirements and improving security for banks.
Transparency – The sender and the recipient of every transaction are recorded and all transactions are publicly available for inspection. The Blockchain reveals how money flows around the financial system, and into which markets.
Privacy – Users are anonymous and can move money around instantly and securely. This allows banks to save time and reduces costs on international transactions.
Risk – No single authority has control, which means that if there’s a fault, the rest of the network will continue to function. Currently, if a bank’s system goes down, users are unable to perform transactions; using Blockchain technology, the bank’s system would continue as normal.
The wonderful thing about Blockchain Technology is that it works the exact same way a Bank process transactions. Therefore the only issue that needs to be addressed is the matter of security. Obviously using a Blockchain Tech is vastly more secure than current banking system, Current Blockchain can still be broken. This is why we are creating our own Blockchain utilizing the Scatter algorithm. This system would be nearly impenetrable by current methods of Blockchain attacks. Leading us to our next goal, a convenient interface that allows users to be able to access their funds with a simple and secure process. We are hoping to have this system full operational soon to begin extensive testing.