Saving on transaction cost
Blockchain technology offers banks the option of fund transfers without transaction costs and paper works. This made many financial industries grab this opportunity.
Reduction of fraud
As blockchain is a decentralized technology, it eliminates all the intermediates. It will also protect the bank against the chance of Cyberattacks in the database.
In blockchain technology, the transactions' movement can be quickly accelerated using smart contracts that digitalize the transaction and prole the role of documentation.
It is known that blockchain technology will continue to impact the banking system due to the increase in new innovative ideas which is revolutionizing many sectors.