The document discusses blockchain technology in banking. It defines blockchain as a decentralized, distributed digital ledger that sits on the internet and cannot be tampered with. Blockchain allows for direct communication between all participants, compliance with regulations, financial inclusion, reduced fraud, and smart contracts. The document provides statistics on the cost savings for banks of 30% and $12 billion annually from blockchain, as well as the growth of the blockchain market to $20 billion by 2024.
2. What is Blockchain
A distributed, decentralized and immutable digital ledger of
information which sits on the Internet.
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Decentralized: No central authority that can control or
manipulate the ledger. All participants involved can talk
directly to each other.
Distributed: The digital ledger is spread across a network of
peers where each peer is considered equal and participates by
utilizing & providing a foundation to the network.
Immutable: It is cryptographically secured and no one can
tamper with the data present inside the Blockchain.
4. How finance and banking can benefit from Blockchain
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1 3
2 4
Complying with
Norms
Promotes
Financial
Inclusion
Reduction in
Fraudulent
Activities
Smart
Contracts
5. Some Fascinating Statistics on Blockchain in Banking
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30%
$12B
$552
M
90%
$20B
Blockchain helps to reduce
banks’ infrastructure costs
by 30%.
Adopting Blockchain helps
financial companies to save up to
$12 billion annually.
In 2018, the annual expenditure of
the financial sector was estimated
to be around $552 million.
In the year 2018, about 90% of the
North American & European banks
explored Blockchain technology.
By 2024, the revenue of the global
Blockchain market is estimated to
accumulate around $20 billion.
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