Banking on blockchain: how banks and financial institutions can implement the blockchain technology

Abstract

Blockchain is used in a variety of areas. This technology is relatively young, but it has already begun to pay important role in various sectors of the economy. Today, many people talk about prospects and properties of blockchain technology, about what it is capable of and what risks and opportunities it opens. At the same time, very often the opportunities to use blockchain in the banking sector are not covered. Therefore, it is necessary to study all the ways of using blocking technology in the bank. In the article the authors analyze the main areas of application of blocking technology in banks and other financial institutions. Keywords—blockchain, payment system, letter of credit, virtual banking, ICO, scoring, analysis of big data, swift, Ethereum, Ripple.