Banking institutions across the globe have taken several moves towards digitalization-driven business models like mobile banking. However, when it comes to blockchain in banking, the efforts have been fairly sidelined. The hesitation that banks are showing contrasts the interest that the blockchain technology is getting across other industries. A sign of which can be seen in…
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Global efforts to prevent money laundering and the financing of terrorism are incredibly expensive for financial firms to maintain. In 2014, it was estimated that global spending on Anti-Money Laundering (AML) compliance alone amounted to $10 billion.[iv] The banks are coming under pressure from investors and analysts to reduce costs, but many expect the budgets for…
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The banking industry is realizing the power of blockchain. Unburdened by centralized authorities (like banks), blockchain makes it easier for currencies to be traded, loans secured and payments processed, all of which make it a worthy alternative to current technologies in the industry. SEE MORE
Blockchain has been a buzzword for the past few years and it’s really no surprise given how it’s changing the dynamic of many industries. Blockchain technology is expected to revolutionise the way we do business, not only in the banking industry but across sectors such as healthcare, government, retail and more. SEE MORE
For use cases that don’t need a high degree of decentralization — but could benefit from better coordination — blockchain’s cousin, “distributed ledger technology (DLT),” could help corporates establish better governance and standards around data sharing and collaboration. SEE MORE
It’s a common fact now (or is it?) that many banking calculations can be performed much more efficiently on a quantum computer than on any existing classical computer or even supercomputer. There are more than a few experts who believe quantum in the banking sector is a potential game-changer, where quantum algorithms could be applied…
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H.R.6227 – National Quantum Initiative Act 115th Congress (2017-2018) The National Quantum Initiative Act (NQI Act) was signed into law by President Trump on December 21, 2018 “to accelerate quantum research and development for the economic and national security of the United States.” Review https://www.quantum.gov/ Committees: House – Science, Space, and Technology | Senate –…
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