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February 26, 2018 Monday 10:51:19 AM IST

Blockchain technology to deliver banking sector

Technology Inceptions

26th February, 2018: The disrepute banking industry suffers due to repeated scams and fraud may come to an end as the industry resort to the blockchain technology, assert the experts from Infosys. Currently used in cryptocurrency, the blockchain technology promises great advantages with respect to security and ability to create indelible records. It supports development of ideal ledger for companies and businesses, especially for banks.

According to Accenture, blockchain technology can potentially reduce the infrastructure costs for the biggest banks in the world by about 30%.

However, the major problem that speaks against blockchain technology is the fact that it consumes massive amounts of energy. For example, Bitcoin mining alone accounted for 33TWh of energy per year, which is comparable to the amount consumed by Denmark every year. (The cryptocurrency, Bitcoin is implemented based on blockchain technology). This could make one wonder, whether the world could afford to change over to blockchain technology.

Research is on to define energy efficient blockchain methods to mine Bitcoin which could pave the way for more low-cost energy rigs. The companies like Global Blockchain and Greeneum have initiated low-cost peer-to- peer trading platforms, which drastically reduces the energy-costs associated with blockchain technology.