Bitcoin Technology and Financial Institutes
This report includes the introductory part of bitcoin technology in the financial sector, and various application of bitcoin technology in banking sector along with it advantages are discussed. It is trending technology that resolves various issues of customers without the physical involvement of a bank. The urgency of this technology is understood by various banks, and all are planning to implement blockchain technology. The risk related to the potential of technology include data breaches and security attacks that can be reduced with the implementation of risk mitigation strategies. The ethical and social issues related to the implementation of bitcoin technology in the banking sector can be reduced by regulating the various policies and standards approved by the regional government. This assessment we have included all the aspects related to social, legal and ethical issues of bitcoin coin technology in the financial sector. We have included three application filed of bitcoin technology in banking sector like payment transaction, over –the counter market and trade finance. The advantages of this technology related to specific field of application are also described by us. We have included real-time scenario related to existing banks for a better understanding of concepts for implementing bitcoin technology in the respective field of application. This report includes an executive summary of implementing the bitcoin technology, and we explore various potentials of bitcoin technology in the financial sector. The body part of this report includes the urgency of bitcoin technology or blockchain technology in financial sectors along its application fields. For example, a major business area is included by payment transactions that involve the liquidity administration related to any currency for company or organization related to financial sector. Bitpay is Atlanta based startup that allows their user to accept the payments that us in the form of bitcoins.Satoshlpay is Berlin-based startup that allows its user to investigate the area of Nano payments with the help of block chains.BNP parlbas testing of bitcoin technology is done by this category to provide ease of access to its customers. From previous year core processes of banks are same that include massive amount of paperwork therefore it is quite necessary to upgrade the system by implementing bitcoin technology in banks.The difference between the trading partners can be balanced with the help of bitcoin technology at minimized risks.High security and privacy can be provided to its users that motivate the international trade.A unique serial number is provided to immutable data that is quite helpful at the time of digital forensics.Investment baking is major application over the counter market. Various inefficiencies can be reduced and business models can be reshaped with the implementation of bitcoin technology.The body part of report include critical analysis of various application-related o bitcoin technology in financial sector. conclusion conclude the various issues related to proposed technology. various findings of research are included in conclusion part. The limitations of technology are also described along with their benefits. We have included various significance of our research related to implementation of bitcoin technology in financial sector.
Bitcoin technology and financial institutes:
The blockchain technology is growing at fast pace, and it has various potential related to the industry that provides financial services. The number of banks is interested in Bitcoin technology due to its various potentials that provide ease and simplicity to its customers. It is trending technology that resolves the various issues of customers without the physical involvement of a bank. The urgency of this technology is understood by various banks, and all are planning to implement blockchain technology. In this report, we are going to explore the different application of Bitcoin technology in banking sectors along with their benefits to the financial sector. Banks and financial institutes realizing the benefits of bitcoin technology and exploring the use bitcoin technology on industry segment. The most prominent filed of bitcoin technology is banking investments and services related to the transaction. A user can transact with the physical involvement of a bank. Various implication related to the implementation of bitcoin technology at financial sector are there that can be reduced by implementing the risk mitigation strategies. There are several risks related to bitcoin technology that can impact the various uses of the financial sector. Data breaches and security attack hinder the growth of this technology in the financial sector. Therefore, it is necessary to regulate various security attacks related to the network. A proactive approach can be used to reduce the severity of the risk. The third party attack can breach the bitcoins with the help of weak nodes connected to the network.
This assessment includes the various application of bitcoin technology in financial sectors that provide services to a user of this sector. Security of bitcoin is the main concern of implementing this technology in the banking sector; Bitcoin technology provides so many benefits related to its trending technology. In this assessment, we have described three technologies related to the potential of bitcoin technology in the financial sector. Following is the application of technology along with their benefits:
- Payment transactions: a major business area is included in payment transactions that involve the liquidity administration related to any currency for company or organization related to the financial sector. To transfer fund from one place to another place bitcoin technology can be used without the physical involvement of banks or financial institute. This technology includes a process that has a chain of banks and transactions that deals with fund transfer from one place to another place. There are several benefits of transferring the funds from one place to another place without the involvement of banks that are as follows:
- Reduced Complexity and cost: the improved payment system that depends on bitcoin and blockchain technology provide a cost-effective solution to various issues related to a customer of financial institutions. It adds value while transferring funds from one place to another place by reducing the complexity of the procedure and it can be reduced by lowering the transaction times and regulating the high-security standards to protect the transactional data of the user.
Example of this application filed is as follows:
- Bitpay: This system is Atlanta based startup that allows their user to accept the payments that us in the form of bitcoins and they can be transferred from one account to another account without the involvement of a bank.
- Satoshlpay: This system is a Berlin-based startup that allows its user to investigate the area of Nano payments with the help of block chains.
- BNP Paribas: testing of bitcoin technology is done by this category to provide ease of access to its customers.
- Trade finance: From previous year core processes of banks are same that includes a massive amount of Therefore, it is quite necessary to upgrade the system by implementing bitcoin technology in banks. The implementation f this technology reduces the massive amount of paper and provide several competitive advantages to banks. The difference between the trading partners can be balanced with the help of bitcoin technology at minimized risks. The various complexities related to trading partners can be reduced with the implementation of bitcoin technology. Benefits of this application filed are as follows:
- No tradeoffs- security and speed combined: The different needs of trading partners can be satisfied with the help of bitcoin technology. The legal and technological requirements related to trade partners can be fulfilled with the help of this technology. High security and privacy can be provided to its users that motivate the international trade.
- Asset tracking: A unique serial number is provided to immutable data that is quite helpful at the time of digital forensics. The tracking of assets can be possible with the help of digital identities related to assets. A ledger is constructed to have the records related to the different transaction and blockchain technology is dependent on this process. Implementation of asset tracking provides a secure flow of goods that improve the security of services provided by financial sectors to its users.
- Over the counter market: Investment baking is major application over the counter market. It includes trade off all the financial products without the involvement of the third Following are the advantages of this application area:
- Reshaped business model and efficient markets: Various inefficiencies can be reduced, and business models can be reshaped with the implementation of bitcoin technology.
Ethical, legal and social consideration
- There are several legal requirements related to ledger framework that can be fulfilled to establish the legal environment that regulates the transaction form other users to smart users.
- The pre-trade agreement related to financial contracts can hinder of bitcoin technology in financial sectors.
- The various laws and standards relayed to bitcoin technology can be followed by a user to reduce the conflict the trade partners and service providers.
- The implementation of common trade standards like ICC, UDP 600 would increase the probability of product acceptance that is based on blockchain
- The development of various standards can be done according to the consideration of ICC, IMF and WTO or world bank.
- Anti-money laundering standards can be regulated to resolve the various issues relayed to money laundering.
- The overlapping of jurisdiction can be reduced with the implementation of Anti-money laundering standards
- Legal ambiguities can hinder the overall growth of bitcoin technology during international payment systems
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