How can blockchain be used in banking?

30 Sep 2022 By PAYCEC

  • Payments and Remittances

Bitcoin functions as a blockchain payment processor, making borderless, anonymous payments in cryptocurrency form in a matter of moments.

Remittance overseas represents a real headache. The fees are high, the processing takes a long time, the money is easily stolen, and there are legal and tax issues to consider. And banks can alleviate these problems with a blockchain-based system.

  • Account Balances and Deposits

A bank run occurs when too many customers attempt to withdraw their money at the same time and the money simply isn't there. As a result, an account balance is nothing more than a journal entry.

Meanwhile, payment processing using blockchain has a ledger that records accounting transactions. As a result, bank accounts could be represented on blockchains, making them more discernible and accessible.

  • Primary Market Issuance and IPOs

Can primary markets exist if secondary market trading takes place on blockchains? Yes.

Today, a venture would necessitate the underwriting and sale of your shares by an investment bank, which can cost a company up to 7% of its gross revenue.

Imagine you are a company looking to raise capital by selling shares to the public through an IPO. It would be more cost-effective if you could sell the shares of your company directly to the blockchain, where you can then sell them in exchange for money.

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