#BTC #crypto2023 #cryptonews

How Blockchain Technology Will Impact the Banking Industry

How can blockchain change the current banking landscape?

Banks often act as middlemen within the global economy by managing and coordinating the financial system through their internal ledgers. Since these ledgers aren’t available for the public to inspect, it forces trust in banks and their often outdated infrastructure.

Blockchain technology has the potential to disrupt not only the world’s currency market, but also the banking industry as a whole by cutting out these middlemen and replacing them with a trustless, borderless, and transparent system that is easy to access by anyone. 

Blockchain will potentially help facilitate faster and cheaper transactions, increase access to capital, create higher data security, enforce trustless agreements through smart contracts, make compliance smoother, and more. 

Additionally, thanks to the innovative nature of blockchain, the ways that the newly available financial building blocks can interact with each other can potentially lead to entirely new types of financial services.