Prospects for the introduction of blockchain technology in the banking sector

Abstract

Blockchain is an innovative technology, the potential of which is much greater than the provision of cryptocurrency transactions. Blockchain technology is used in many sectors of the world economy - from retail sales and logistics to government services, medicine and reliable data storage. At the same time, it is predicted that the banking sector will become the most popular area of application of the blockchain. This is due to the fact that the blockchain is able to: reduce the cost and speed up money transfers; increase the efficiency of workflow; protect confidential banking data; create new models of financial interaction with customers. All this gives the blockchain competitive advantages over traditional banking technologies, which cannot be ignored, therefore, almost all large banks (including national ones) either introduce blockchain or are exploring such an opportunity both in theory and in practice.