Blockchain has been a hot topic of discussion ever since it came into existence. The technology has found applications across several industries and now it is heading to transform banking sector.
An advanced, scalable, highly secure and efficient technology, Blockchain is believed to bring radical changes across a host of industry sectors, including Banking. The technology can be deployed to create a contactless payment card with the ability to settle transactions instantly and process fiat currency transactions on Blockchain.
Industries have been making headway with Blockchain for a while, prominently in the development of Smart Identity platform. Smart ID is the universal ‘digital profile’ based on Blockchain. With it users will be able to create and manage aspects of their online identity within a structured and accessible environment. Smart ID holders will have a certified digital account with the required information and credentials for secure digital interactions.
It’s the time to take the Blockchain out of the lab into the real world to create innovative solutions like contactless payment cards. Deloitte is in talks with financial institutions to create a pilot for such cards.
Deloitte had produced a card for a group of 100 people, each with some money. Each in the group had a Deloitte Smart ID and were asked to perform some transactions in a controlled but live environment. The payments were processed and settled almost instantly, and bank balances of customers and merchants also got settled in real-time. Thus, both parties had better clarity – while customers can review their finances, merchants can use the revenue instantly as required – all this without any payment processor charges.
Also read: The Scope of Blockchain Technology in the Banking Sector
Blockchain technology has the potential to transform the financial services industry, lowering complexity, cutting down costs and increasing transparency. With the evolution of the technology, there will be an increase in the use of next-gen identity, compliance, payment and settlement platforms because of the efficiency and edge they can provide. Surely, there will be exciting new possibilities, digital assets and smart contracts.
The success of the Smart ID product and transaction processing technology has garnered immense interest in financial services industry. With the technology growing at pace, Deloitte is focused to create Smart IDs for mass adoption.
Blockchain technology is at the verge of revolutionizing the banking sector. Get latest Blockchain news and updates on Kryptomoney.com
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