Contest| Blockchain in Government Services

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My dear steemian fellows! I am @newsblog24 from Bangladesh 🇧🇩. Today I participate in the contest that is organized by "@deepak94 ". The topic of contest that is "Contest!!||Blockchain in Government Services" . It's amazing contest.so, without wastage of time let's start
🏵️🌹🌺🌼🌻💐🫶🌸🌼💮🪷🌻💐🌼

Once upon a time, all the accounts of the bank had to be kept in a big ledger book. All branches had a large size ledger book to record all transactions. Over time, core banking solutions have revolutionized banking management.

Banking comes to people's homes, in their hands. In this technology, all transaction information is kept in the central database. However, two major shortcomings remain in this technology; One is the security risk, the other is the inability to make instant global transactions. To fill this gap, blockchain has emerged as a new opportunity in the technology landscape, with many features that are unrivaled, including speed and security. This technology is rapidly changing global trade and finance. Blockchain technology is set to revolutionize the banking system around the world.

Use of Blockchain in Banking Sector

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Fast payment

• By using blockchain's wider channels, banks are gaining the ability to make payments faster with lower processing fees. Banks can use this technology to bring new services to the market where money transmission is more secure and faster but costs less.

Purchase and sale of assets

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• Blockchain technology eliminates the need for intermediaries in the buying and selling of assets (stocks, debt or commodities). By removing middlemen, blockchain assets reduce exchange fees and thereby reduce the volatility of traditional securities markets. Technology researchers say that moving securities to a blockchain platform could save $17 to $24 million a year globally.

Blockchain in identity detection

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• It is not possible for the bank to complete any online transaction without identity verification. But identity verification involves many steps that customers dislike. For the sake of security, every service of the bank has to face this same issue.

• Customers and banks can benefit by speeding up this identification process through blockchain technology. This is because once identity is verified in this technology, this verification can be safely reused across all services. That is, there is no need for repeated verification.

• Blockchain will enable users to decide how customers identify themselves and with whom they share their identity. They only need to register their identity on the blockchain once. He no longer needs to register a second time for each service provider as long as those service providers are on the blockchain platform. Due to the nature of this technology, the security of personal information stored here is ensured.

Blockchain for Accounting and Auditing

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• Accounting has not been digitized at the same rate as digitization in all areas. One of the reasons behind this is that there are strict regulatory requirements to be followed regarding data purity and validity. That's why accounting is one of the fields that can be transformed by blockchain technology.

Blockchain is the future of banking

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• Bank executives believe that for blockchain technology to be established as a major platform in the banking sector, it needs to fulfill certain conditions. Banks must first build the necessary infrastructure to operate a global network of blockchain technology using matching solutions. Widespread use of this technology without the necessary infrastructure can destroy the inherent potential of blockchain.

• Experts strongly believe that investment in building the necessary blockchain infrastructure will bring good results for both banks and customers. Once blockchain is fully adopted in the financial sector, it will enable more accurate and secure banking while reducing transaction times and costs.

Here I will want to invite a few friends @ripon202 @topnews24 @ask24

Thanks everyone for reading my post

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@newsblog24