How to Implement Blockchain in a Compliant Manner for Banking
For the banking and financial sector, blockchain technology provides many promising application scenarios, such as:
- Smart contracts through computer protocols to verify, enforce negotiation and performance of contracts
- Establishing transparent P2P transactions
- Establishing a reputation system that allows ratings by online communities to build customer trust
- Micro-metering/micro-monetizing e.g. allowing for paying for usage for transportation per meter or streaming services by the hour
- Promoting dynamic efficient pricing based on demand
What standards need to be considered? How can data security, privacy and auditability be maintained? And what architecture is financially effective without wasting energy and polluting the planet?
This whitepaper sheds light on the subject from a technical and financial point of view helping to increase bottom-line margins all while reducing time to completion for service.