Blockchain technology’s potential to transform the banking and financial industry is endless. Deployments on the blockchain will enable banks to realize savings on cross-border settlement transactions of up to $27 billion by 2030 which may result in reducing costs by at least 11%. This is just one example of many in which blockchain will impact the financial industry. It is just a matter of time that financial institutions will recognize that DLT is the way to save billions of dollars over the next 10 years.
Raiffeisen Bank is one of the largest international financial institutions which operates a banking network in Central and Eastern Europe. The group covers 17 markets with subsidiary banks, leasing companies, and representative offices. At the end of 2010, Raiffeisen Bank International served more than 14 million customers through 3,000 offices.
LimeChain team did a 2-day intense workshop on Blockchain Fundamentals – what is blockchain in banking, how blockchain effects on banks, advantages of blockchain in banking, etc. combined with custom use cases for the banking and financial industry. Some of these use cases include:
- OnePay FX – $80 billion Santander partners with Ripple
- Reduction of fraud using DLT (Blockchain)
- Visa B2B Connect