New York-based start up called Digital Asset Holdings (DAH) was launched around the time when bitcoin and blockchains were starting to attract the attention of the mainstream investment world. Common problem many banks face: Getting inconsistent financial databases to talk to each other. It’s rich, complex and takes time.
In accordance with a report by Santander InnoVentures, the Spanish bank’s fintech investment fund, by 2022 ledger technologies could save banks $15–20 billion a year by reducing regulatory, settlement and cross-border costs. Blockchains could help diminish the gap of the entire lifecycle of a trade from days to minutes.
The blockchain enables companies doing business with each other to record transactions safely. It is hard to back up or change what’s been recorded, so its strength lies in its reliability The blockchain can also hold data than traditional database storage and more documents. It can also hold embedded contracts, such as a lease for a car, whose virtual key could be transferred to a bank in the event of a default.
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