When talking about ‘blockchain’, most people think about cryptocurrencies. In fact, the blockchain technology has a vast scope – there are blockchain for health, for identity, for records, and for copyright media.
Renato Rodriguez, a fintech expert and one of the most popular blockchain influencers says that the banking industry hasn’t progressed much fundamental change since the House of Medici started a double-entry system of tracking debits and credits hundreds of years ago. Thanks to project Libra and PBOC’s (Public Bank of China) blockchain initiative, various central banks around the world are looking at the blockchain technology with different glasses.
Greater Transparency in the Traditional Systems
Renato Rodriguez, has founded many companies that are dedicated to the technology development in the financial sector and since he has obtained certifications in digital economy and blockchain technology, he claims that the transparency induced by the blockchain technology in the traditional finance sector could facilitate banks both internally and externally and could help provide banks with the latitude to replace certain middle- and back-office functions, provide unparalleled coherence to internal bookkeeping procedures. With the blockchain technology, the banks will also be able to exhibit an account of consensus with an audit trail of transaction that has been cryptographically encoded, create an almost real-time settlement and back risk management both ways for the bankers and their clients alike.
”With blockchain in the traditional finance sector, we will see cost preservations in time and labor requirements, lessened paperwork and dismissal of monotonous work, minimization of fraud and illegal activities, and decentralization among other things.”
Blockchain Technology and Banks
Renato has been blockchain’s advocate for the last 7 years and in these years, he has advised many fintech leaders and banking regulators. His team of blockchain developers, mathematicians, and economists are helping a number of banking systems for blockchain integration. Renato has been doing business since the last 18 years, where he has dedicated these years to the domains of personal growth, leadership, and marketing networks, he has built organizations that together surpass 9 million members distributed mainly in America, Europe, and Asia.
According to Renato, the blockchain-based distributed ledgers can be utilized for intricating financial assets where exist no clear central authority to govern, arbitrate, and/or alleviate counterparty failure or risk of the trade.
Wrapping up, blockchain in the future will reform business processes in many enterprises, but its enactment requires time and effort. Nevertheless, in the near future, people can anticipate that governments will finally admit blockchain benefits and start to use it for advancing financial and public services.