In this blog, we shall discuss the future of banking – disruption in banking with blockchain and IoT.

What is Blockchain and Decentralized Finance?

A blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. It is based on the peer-to-peer concept which removes intermediaries from the system called Decentralized Finance (DeFi).

In contrast,

Our traditional financial system runs on centralized infrastructure that is managed by central authorities, institutions, and intermediaries, whereas decentralized finance is powered by code that is running on the decentralized infrastructure of the Ethereum blockchain. Ethereum is a decentralized, open source blockchain with smart contract functionality.

Benefits of Blockchain in Banking

Very safe
Simplifies record keeping
Reduces maintenance costs of data since it’s distributed
Removes many intermediaries in the entire operation as parties directly communicate with each other.

IoT is becoming well known in the financial sector and has a lot of potential to grow.

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