Major Challenges and Privacy Issues to Address Before Employing Blockchain Technology in the Banking Industry | Infiniti Research
LONDON--(BUSINESS WIRE)--Dec 4, 2018--Infiniti Research, a world-renowned market intelligence solutions provider, has announced the completion of their latest article on the .
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Major challenges influencing the adoption of blockchain technology in the banking industry. (Graphic: Business Wire)
Blockchain technology has garnered the attention of businesses since the time it has been invented. Features such as transparency, security, traceability, and efficiency have made industries opt for this technology. The banking and finance industry is one of the key industries exploring this technology but with its increasing use, the limitations associated with blockchain technology have started to hinder its adoption.
“Private keys play a significant role in securing the data of an individual on the blockchain and cannot be regained if displaced once, making the data vulnerable for the hackers,” says an expert from Infiniti Research.
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Challenges Hindering the Adoption of Blockchain Technology in Banking:
With the growth of the banking sector, the need for interoperability has increased. This has made businesses shift towards technologies that are compatible with different systems. Blockchain technology is one such technology which can improve the operational feasibility of the banking industry by allowing multiple systems to work together. However, blockchain technology cannot be implemented completely as it is difficult for banks to entirely eliminate the existing processes . Want to enhance interoperability in your organization? .
Banking and financial institutions are entities that grow only when their customers trust them for their monetary matters. Customers need a certain amount of privacy, which the blockchain technology fails to deliver. Transactions made on a blockchain are available publicly. This is the biggest setback for the technology. Therefore, private blockchains need to be explored before implementing this technology in the banking sector. Is privacy one of the major concerns for you?, to know how our solutions can help your organizationin addressing this problem.
Securing customers data is invariably important for banks. Blockchain technology has components such as private keys, which can secure the data of an individual. However, a private key cannot be regenerated if once lost or misplaced. This makes the blockchain more vulnerable to hackers as encrypted data can be decoded easily. To know more about the challenges facing blockchain technology in the banking industry,.
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