• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
Banks Can Save $20B Using Blockchain Technology

Santander: Banks Can Save $20B Using Blockchain Technology

newsbtc by newsbtc
8 years ago
in Cryptocurrency Market News
Reading Time: 2 mins read

According to a report released by Santander, using blockchain technology could allow banks to save as much as $20 billion. The research is called “The Fintech Paper 2.0” and was created in collaboration with fintech venture fund Anthemis and research firm Oliver Wyman.

“It is only a matter of time before distributed ledgers become a trusted alternative for managing large volumes of data,” the paper indicated. It revolves mostly on how emerging fintech technologies, including the decentralized ledger behind digital currencies, could affect banks.

Blockchain Technology in Banks

Blockhain refers to the public ledger of bitcoin transactions, which is updated by a network of computers solving complex algorithms to for verification. For every successfully verified transaction, a block of code is added to the blockchain, making it more secure and immutable.

This technology has already been applied in creating a land title registry for Honduras, demonstrating its use in forming secure databases. This could prove to be beneficial for banks who rely mostly on data entry and record-keeping services.

“The first major application is being seen in payments,” the report indicated. “International payments remain slow and expensive and significant savings can be made by banks and end-users bypassing existing international payment networks.”

Instead of having to rely on clearing houses to verify transactions, banks could make use of the blockchain instead. This makes it harder to tamper with and provides better efficiency and transparency compared to the regular approach.

Other applications relating to contracts were also described. “In time, distributed ledgers will support ‘smart contracts’ – computer protocols that verify or enforce contracts. This will lead to a wide variety of potential uses in securities, syndicated lending, trade finance, swaps, derivatives or wherever counterparty risk arises. For example, smart contracts could automate pay-outs by the counterparties to swap contracts,” the paper explained. “Almost any intangible document or asset can be expressed in code which can be programmed into or referenced by a distributed ledger.”

Several banks in Australia have already made the move to integrate blockchain in their current operations.

Tags: blockchain applicationsblockchain banksblockchain technologyNewssantander blockchain
Tweet123Share196ShareSend
newsbtc

newsbtc

Related Posts

Cardano Ada cryptocurrency coin close-up, in front of a price chart

Cardano (ADA) Declines As Market Recovers Amid Security Charges

2 hours ago
The Future of Tokenization: Exploring HedgeUp (HDUP),  Ripple (XRP), and Ethereum (ETH)

The Future of Tokenization: Exploring HedgeUp (HDUP), Ripple (XRP), and Ethereum (ETH)

9 hours ago
Investing Strategies for HedgeUp (HDUP): Long-Term Hold or Short-Term Trading?

Investing Strategies for HedgeUp (HDUP): Long-Term Hold or Short-Term Trading?

9 hours ago
HedgeUp Smashes Stage 3 of Presale While Shiba Inu Faces Challenges Amid Market Volatility

HedgeUp Smashes Stage 3 of Presale While Shiba Inu Faces Challenges Amid Market Volatility

10 hours ago
LDO

LDO Leads Top Coins, Registers 6% Gains In One Day

11 hours ago
Optimism

Now That Optimism ‘Bedrock’ Hard Fork Is Done, What Can We Expect?

13 hours ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    1 week ago
  • Willing to buy new crypto: Here are the best 10...

    1 week ago
  • Best Crypto Meme Coin Presales in 2023

    1 week ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Bitfinex and GoCrypto announce the listing of the GoC token

    10 hours ago
  • Fetch (FET) and InQubeta (QUBE) Overtake AltSignals in the...

    10 hours ago
  • Atomic Wallet Hack Reiterates Importance of AI Cryptos To...

    12 hours ago
  • How to Save On Trading Fees Using the Best Analytic...

    14 hours ago
  • Missed out on Miladys (LADYS)? Don’t Fade Uwerx...

    15 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.