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Essay On Blockchain Technology

755 Words4 Pages

What is blockchain Technology? In general, the blockchain is part of an incorruptible distributed ledger that can be programmed to record financial transactions or virtually anything of value. The blockchain is the underlying technology upon which cryptocurrencies run on. Each member of the network has the original record on their computer and can view all entries and record new ones. Transactions are put into blocks, recorded one after the other to form a chain of blocks (the 'blockchain'). The blocks and their content are protected by cryptography, so transactions cannot be destroyed or forged. This means that the ledger and network are trusted without an intermediary.

Cross-border Payments

The objective for financial institutions should be to deliver cross-border payment services in near real time and at a more competitive price. While maintaining their margins …show more content…

It’s like a computer without the actual computer.

Once all parties sign (cryptographically) a smart contract. The smart contract acts similar to a computer and is able to automate and manage the entire transaction flow. This minimizes, if not eliminates, delays and risks of disagreements while always guaranteeing consensus. As a result of this, scores of startup companies launched their ICO using the Ethereum distributed ledger technology. ICO is an acronym for Initial Coin Offering, a mockup of crowdfunding,
Compliance KYC (Know Your Customer)
The cost of not complying with KYC regulations can be damaging in a variety ways. As a number of high-profile cases illustrated. However, the cost of KYC, a part of complying with anti-money laundering regulation, is expensive but proportional to a greater extent for smaller financial institutions.

Conducting KYC on a beneficial owner, according to an executive at the Commerzbank, can cost anywhere from $15,000 to $50,000 on a single

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