Blockchain technology in banking provides an advanced level of security in the transmission and storage of data. This emerging technology also facilitates efficiency in network infrastructure and decentralization of system in a relatively lower cost of operations. Due to such unique applications and features, there has been a great demand in the banking industry which can make a huge impact on the regulation and operations of this domain. Some of the banks have begun fully functioning within a digital ecosystem.
One such example is Patia Bank of Brazil which has now become the first digital bank of the country which runs on blockchain technology. This bank is looking forward to operating on digital currencies like Bitcoin and fiduciary currencies such as Brazilian Real to consumers and traders. These banks are going to upgrade the economy to a large scale. The financial market in Brazil will receive a huge benefit from this authorization to trade cryptocurrency through banks.
Pataia Bank works irrespective of any geographical location and is a completely online based bank with a relatively lower cost of operation as compared to the traditional bank. It is an online bank without any physical locations anywhere in the country. Nonetheless, the crypto bank offers the same resources that other banks are offering. However, the cost of these operations is much lower than traditional banks. CEO Simone Abravanel stated that this is the first digital blockchain bank of Brazil for cryptocurrency transactions. The adaptation of blockchain technology in banking has made its debut with Pataia as mentioned by Token Mantra.
According to Daily Hodl, it seems that the existing fundamental structure of the banking system can be replaced effortlessly by mediator-free blockchain system which will be able to provide enhance and cheaper services of the customers. Blockchain technology in banking is also capable of creating client identification system powered by distributed ledger technology.
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