Although blockchain technology was invented back in 2008 and arguably has not received the praise it deserves, it continues to boldly represent the technological change needed to benefit numerous areas in the financial sector. Since its inception, blockchain technology has disrupted various industries thanks to several features the technology provides. These features are most notably decentralization, immutability, and transparency. This makes it highly appealing for various industries across the world.
Due to the advancement of technology just in the last decade, people have come to expect services to be immediate and on demand. When it comes to banks and financial institutions, technologically they have not been able to keep up with these societal demands. Due to the fact that banks and financial institutions are the only trusted third party gateway for the transfer of funds across the world, and their current practices are extremely slow and expensive, blockchain has the potential to be the solution. Blockchain technology possesses all the attractive characteristics needed by a reliable technology dealing with financial matters. It is faster, more secure, transparent and drastically cheaper.
It is no secret that banks are investing heavily in exploring the technology, but the implementation is a major problem due to the massive infrastructure they have created over the decades. Thankfully we live in an era where innovation is a key component in solving society’s problems and that’s what BNC is here to do.
BNC is creating a new infrastructural solution to create its first fully digital bank. The technology developed will enable the digital bank to run fully and seamlessly on our own BNC blockchain. With BNC’s unique SDK it is the the only technology that uses the existing remittance infrastructure in the banks such as SWIFT and SEPA, converting outdated and slow remittance methods to new Distributed Ledger Technology (DLT), providing the proof of funds and security needed to create the most advanced way of global transactions and AML enforcement. Meaning users can seamlessly transfer their funds from their bank to BNC.
Simply put, banks realize that in theory, blockchain technology has the potential to revolutionize the way we interact with money. As with everything in this world, there are major hurdles to overcome. Due to the decades of infrastructure banks have built, it is not so easy to just overhaul the entire system, but BNC is here so they don’t have to.