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Why blockchain is disruptive for banks?

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  • Why blockchain is disruptive for banks?

    Though blockchain has met with a fair degree of skepticism from the banking system, it will augur well for banks to acknowledge the disruptive capability of the technology and embrace it sooner than later.

    Blockchain technology was predominantly recognised as the engine on which crypto currencies got exchanged. The rise in popularity of currencies like Bitcoin and Ethereum also brought the spotlight on blockchain as a powerful and secured network which could be used by multiple industries to disrupt their traditional way of functioning.

    Blockchain has made significant inroads across key sectors like government and regulatory bodies, pharma, FMCG, etc. However, banking as a sector is yet to fully embrace it. The vast number of blockchain projects for the banking sectors are still at the nascent stage with solutions reaching at maximum POC (proof of concept) or MVP (minimum viable product) levels only.

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