Blockchain Technology, Fintech and bank
cryptocurrency·@bryllite·
0.000 HBDBlockchain Technology, Fintech and bank
In South Korea not many people go to bank to handle their financial problem. Also almost every bank started to get rid of paper and replace it by tablet pc for every documentation In fact people are saying that paper isn't the only one that is going to disappear in bank, lot of people actually insist that bank is going to disappear. Not the bank itself but the offline counter. Recently, in Korea banking application has shown to the market. Kakao bank have secured over 6 million user without single bank office. Toss is also a bank application without banking counter. Development of Fintech is changing people's life style especially when it comes to handling personal assets. Blockchain technology has infinitive possibility because it can be connected with various kind of technology. Nowadays including Bitcoin all the other cryptocurrencies are outcome of applying blockchain technology to financial asset. Therefore many people assume that next step of fintech(financial+technology) will be linking blockchain technology with it. However, many people cast a doubt since, blockchain technology go for decentralization and breakdown the power of centralization so that bank won't adopt the technology. But there is something called private blockchain which allows organizations to use and increase efficiency of process. By applying private blockchain, efficiency of finance will tremendously increase in near future.