RecordsKeeper for Financial Institutions

in blockchain •  7 years ago  (edited)

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Today, in order to make a bank transaction there needs to be certain agreements between different banks. This process can be rather slow and could take up to a couple of days to take place and there is also the risk that one of the parties could revoke their agreement. This period is known as the settling period and the main issue is that it costs the financial industry really heavy.

However, RecordsKeeper could reduce or even eliminate this process entirely due to its digital factor. Some of the other features include increased transaction security.

Here are few areas of the industry most likely to see an effect are:

Clearing and Settlement

Securities play an important role than a complex use of Blockchain's cryptocurrencies. They are a major factor in both mechanics and legal environment. The exciting key to Clearing and Settlement is that the central authorities govern the current industry structure. However, it is not a certainty that the decentralized blockchains can work in a centralized operation. It could happen due to the implementation runs as permission-ed by this central entity above the market convenience. The stock exchange companies and banks are now working with blockchain orientation in order to make transactions and transfer much easier and at a global scale. Blockchain experts and specialists maintain these chains to support and bring the digital awareness all over the world and to people depending on blockchain and as their right hand to get things done. The main interest, for now, is clearing and settlement, but blockchain solutions are not evident in this space in the first wave. It's more likely to be noticed in the preceding waves. But it is up to us we to remember the crucial role these institutions play in financial markets.

How do Clearing and settlement work?

● Savings done through streamlined back-office processes
● Identity verification for the certified transactions
● Keeps a record of transaction history
● Users can trade with each other without the need of any third party person.
● Other useful help is automating buy, sell and supply transactions on a Business to business and Business to consumer basi

Trade finance

Trade finance is all dependent on the bills, tax payment, registrations, letters of credit etc. Blockchain can offer the best solution for this, all the vendors can access the documents from the Blockchain which is verified and cannot be tampered.

Identity

In banks, individual identity needs to be verified at every process such as for applying for a new account, loan or a credit card, if all the identification documents such as the aadhar card, pan card, residential proof all are uploaded on the Blockchain. The identification process will be fast and secure, Blockchain can play a major in the identification process of an individual.

Blockchain can really impact the banking industry and help in decreasing the scams which are occurring more frequently these days, such as the Nirav Modi scam in Punjab National Bank.

To find out more pieces of information, you can check out the RecordsKeeper website at https://www.recordskeeper.co/
or Telegram Channel and keep track with the latest updates and news.

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RecordsKeeper offers a full suite of structured and accessible record keeping for organizations and individuals. RecordsKeeper creates a platform for structured storage over the decentralized network for the ease of data access and security among peers.

This project allows to verify the reliability of information and data without the participation of a third party. Previously, this could only be dreamed of. In simple words RecordsKeeper it allows you to create unchanged and reliable records of any data types. This is impossible with existing technologies.
In fact, it is a tool for creating evidence of the completeness and existence of a record, document or certificate in a block chain environment.
One of the advantages is an unchanged data store. Unchanging in our time is very expensive and therefore it is appreciated.
RecordsKeeper In general, this is an open modem code block and offers a set of easily accessible records for organizations and individuals.
I like the opportunities and the team behind the development. For users, there are better conditions for productive use. They take advantage of the block chain.
I liked it and I recommend everyone to visit the site. Thank you @danizaharie

Looks like this space is ripe for disruption, with a project set to do that disrupting - and there's a lot of money in banking! Using blockchain tech like Records Keeper may also promote transparency on top of speed, both of which are highly desirable when it comes to big banks moving a lot of money around.

for current bank transactions require an agreement, whereas we only need a little, but have to wait of course this is very hampering the time.
but different crypto, they are easier and faster. this is a way out for transactions, but some companies and countries do not recognize its presence.
we can only wait for crypto to get international official.
thanks @danizaharie

After reading the post just took a look at their website as well. They have pretty decent idea with several real world uses. Here is a list of them from the website:

  1. Enterprise KYC
  2. Insurance Record Keeping
  3. Corporate Compliances
  4. Verify Academic Certifications
  5. Supply Chain Management
  6. Trustless File Sharing
  7. Government Regulations
  8. Land Ownership Record Keeping
  9. Employee Verification
  10. Health Record Manifest in Judiciary

I think the idea is not very new but to me it really seems that they are the first ones to be implementing it on the blockchain to create a unique secure and trustless system.

Cool concept. Considering there are coins tackling to do ease bank communications as an added bonus to what they already plan to do I’m not sure how profitable this will be on it’s own.

Definitely a benefit blockchain presents. thanks for sharing!

If RecordsKeeper saves time it means it is money but in other pespective.

Blockchain can solve all the problems but it needs more research and modification.

Great news , thanks for your important information .

Thanks of blockchain because they are help from all steemians . I am so helpful for news .

Upvote you ..

I am waiting your next update news , thanks for sharing @danizaharie

I always try to follow your post .

Great news , thanks for your important information .

Thanks of blockchain because they are help from all steemians . I am so helpful for news .

Upvote you ..

I am waiting your next update news , thanks for sharing @danizaharie

I always try to follow your post .

the future is here , BlockChain

This post has received a 5.67 % upvote from @booster thanks to: @danizaharie.

Hii, very interesting.

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