Banking on the Blockchain
When blockchain technology burst onto the scene back in 2008, even its most ardent supporters couldn’t have envisioned where it would be after just ten short years.
In its infancy, the technology has managed to disrupt a whole host of different industries and sectors, introducing factors like immutability, decentralization, and transparency.
Next up, banking.
Despite a few roadblocks, it can be argued that blockchain technology has the potential to revolutionize the finance and banking sectors more than any other.
North America leading the way
A recent PwC report claims that 24 percent of financial executives worldwide are familiar with blockchain technology, with those in North America currently leading the way.
A report published in March of 2017 by the Harvard Business Review made a compelling argument in favor of blockchain doing for the financial system what the internet did for media.
Back in the 1990’s many within the mainstream media laughed when Nicholas Negroponte made the bold prediction that most of the world’s population would be reading their news online rather than in print before long.
We all know how that went.
The Harvard Business Review report asks the question will we soon see a similar impact from blockchain technology on the financial sectors? There are many parallels.
EQIBank believes that it all begins by reinventing banking.
By bridging the disconnect between fiat, cryptocurrency and digital assets you make life easier with trust, security, and simplicity.
While it may not be the answer to all of the problems that financial institutions face on a consistent basis today, it certainly does address many of them, with the technology providing the appealing characteristics required such as safety and security.
A number of operators within the industry are still wary of the changes that blockchain technology will undoubtedly bring, but EQIBank is motivated by a single purpose, which is to change, disrupt and innovate.
The truth is, the majority of financial institutions and credit providers cannot operate without enlisting the assistance of various mediators, which drives up the cost of operations.
More often than not, this cost is passed on to consumers by way of fees and charges.
A more transparent, secure system
Implementation of blockchain technology will not only mean a more transparent, secure system for the banks themselves but cheaper service for customers.
The banking sector as we know it is almost entirely reliant on outmoded processes, many of which still involve large amounts of paper and slow procedures.
The very fact that today, in 2018, we still see many international money transfers taking up to five business days to finalize is startling. Using a blockchain system would allow for much quicker transfers which are also far safer.
While, as mentioned, many of the traditional banking service providers are still a bit wary of the technology, it hasn’t stopped them from investing in research to identify precisely how blockchain can affect their business practices for the better.
We’ve seen the likes of Bank of America and JP Morgan Chase invest in blockchain development to varying degrees, from creating new divisions specifically for research and implementation of blockchain technology to filing patents that mention the application of blockchain technology for securing records and authenticating both personal and business data.
Goldman Sachs has also become actively involved in researching blockchain technology.
Financial institutions, for the most part, have finally started to realize the potential of blockchain technology.
Creating the world’s best blockchain bank
While these signs are good news for the banking sector in general, it’s well known that this is an industry which is painstakingly slow to embrace emerging technologies.
At EQIBank, we’re not willing to wait on the rest of the industry to catch up. We already know the benefits that blockchain technology brings to the financial sector, and we intend to be the world’s first ever paperless, signature-less, mobile bank, with our first accounts set to be opened in December of this year.
Todays emerging entrepreneurs are tomorrow’s banking customers, and who better to help shape the bank that they want than those whose needs we intend to serve?
The question that those within financial circles have been asking is “who will create the world’s best blockchain bank?”
Here at EQIBank, we believe the answer to that question is you.
Come and talk to us, let us know what it is that you need from your banking service, and together, let’s create the world’s best blockchain bank.