Question

How do you think other technologies can be combined with Blockchain to produce better results for banks?

Answer 1

Blockchain is one type of distributed ledger. A distributed ledger is a database that is housed in several locations or among several participants; all data and transactions are not processed and validated in one central location. The data is typically not stored until consensus is reached by all parties involved. The files are then timestamped and given a unique and cryptographic signature. Thus, distributed ledger technology provides a verifiable and auditable history of the information stored in that database

Blockchain is a special kind of database or distributed ledger with individual records or blocks that are linked together in a sequential list called a chain of blocks. These records or blocks are validated by multiple nodes or parties in a peer-topeer network. The blocks are linked to other blocks, making them immutable or unchangeable. Since the contracts are recorded in these blocks and then linked to other blocks, the possibility of secretly altering a contract is virtually eliminated because the blocks are incorporated into multiple nodes in peer-to-peer networks.
The blocks are essentially immutable because an altered block will not be identical to all of the other blocks stored across all of the other nodes in the peer-to-peer network. In other words, if a block is altered, everyone on the network will know that the altered block does not match their copy of the block on their node.

The application of blockchain technology beyond digital currencies can reduce or eliminate intermediary costs, increase transaction transparency, and provide a framework for trustworthy decentralization. The framework also has the potential to detect tax evasion, reduce corruption, track unlawful payments and money laundering, and detect the misappropriation of assets one of the main advantage of block chain is the valiation and tracking of financial transaction with out te help of a third party.blockchain provides a shared infrastructure by distributing control amoung all the peers in the transaction chains this helps to reduce counter party risks,It is highly secured once a data is recorded it cannot be changed retroactively it is difficult to hack and can be seen by using the system ensuring transparency

Blockckhain technology reduces errors an duplication and  the removal of intermediaries helps to save time and also buy eliminating the intermediaries cost can be reduced an settlement become faster