WHAT IS BLOCKCHAIN, WHAT WILL IT BRING FOR BANKING?

The name Blockchain, which came into our lives with Bitcoin, has recently started to be heard more often, and we wanted to put what blockchain is on the table.

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The popularization of bitcoin as a financial value has left the blockchain in the background, but now the situation is changing. 

Blockchain is basically a distributed database that provides encrypted transaction tracking. Built with a chained model as its name suggests, Blockchain technology that can be traced but not broken allows trading without being connected to a hub. Thus, the transactions can be performed directly between the buyer and the seller and safely. It's like sharing music between people through Napster once.

It is true that he opposes existing systems for eliminating intermediaries. But today different players, including banks, are starting to explore and use blockchain for transactions such as e-commerce, file sharing and communications.

Banks and the future of blockchain there are those who think that blockchain can fundamentally change the internet (see: Kim Dotcom),that it can be used as a digital identity. Edurne and Mayel, on December 1st, have already made their marriage a first, not with the approval of a government agency, but through Blockchain.

Blockchain-bitcoing the traditional banking system, whose revenues are threatened by financial technology initiatives today, is on the way to benefiting from Blockchain. By 2022, banks are projected to be able to cut their costs by $ 15-20 billion if they use the blockchain.

In May Sunday, the Dutch banks (ABN Amro, ING, Rabobank) turned to blockchain at the end of 2014, while NASDAQ acquired blockchain in May for use on the private market platform. Microsoft approached Blockchain last summer for social benefit, while Deutsche Bank and Goldman Sachs drew attention to blockchain's future last week by making important statements that shed light on it.

Currently, banks cannot act as fast as civil initiatives, but dozens of banks are moving together to determine the future of financial technologies under the R3CEV organization and, of course, Blockchain's role in the market.

Financial Services ' 15 event, Multinet UP Chairman Şevket Basev also shared an opinion on this issue.

Who will blockchain's expansion help? In summary, it is clear that blockchain is one of the main technologies to follow in the coming period. Financial institutions will also use Blockchain technology in terms of security and systemic savings. But whether this will strengthen Blockchain-based dissident systems such as Bitcoin is a big question mark. It seems reasonable and possible for states to use blockchain in a variety of citizenship services.


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