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3 Ways Blockchain is Redefining What We Know about Protecting Data, and Why the Banking Industry Should Pay Attention

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Blockchain for Bankings

By Liz Young, Marketing Coordinator 

This past Monday was National Online Banking Day.  A day where the internet came together to celebrate the merits of online banking.  With its fast and convenient access to accounts, flexibility in choosing when and where to bank, and numerous “on the go” tasks, online banking seems to be a dream come true.  The reality is, though, with all of this convenience comes risk.  Risk of accounts being hacked, identities being stolen, and private information being compromised. 

Here comes the killjoy in me.  Being the skeptic that I am, I would be remiss not to find some negatives.  Perhaps the most glaring thing is how are companies keeping the vital and personal information in their systems safe?  With cyber-attacks happening at breakneck pace, and nearly 158 million Social Security numbers exposed in 2017 alone (nearly HALF of the United States population that year), having data protection top-of-mind is something every organization, large and small, ought to adopt. 

One such technology that is promising is blockchain.  Blockchain holds some interesting potential for your core infrastructure.  Here are three big reasons blockchain is a technology worth checking out to protect yourselves, and your clients alike: 

  1. SimpleBlockchain drives simplicity and efficiency through the establishment of new financial services infrastructure and processes.  Applications require collaboration between competitors, innovators and regulators, ensuring everyone is on the same page. 
  2. FoundationalBlockchain is not the answer to all your challenges, however, it can be viewed as one of many technologies that can help to form the foundation supporting your next generation financial services infrastructure. Blockchain technologies can redefine processes and call into question established doctrine; doctrine that is foundational to existing business models. 
  3. CustomizableIt is safe to say blockchain-centric client applications will differ by use case, each leveraging this technology in unique ways, and driving a diverse range of benefits.  With this kind of flexibility, even the most stringent of regulations can be satisfied with the right combinations. 

Selecting the right technology is no simple task, and vetting security-related infrastructure is not something organizations should take lightly.  Your clients rely on you to make sound choices to protect their information at all cost.  If you want to learn more about how to protect data, or would like to know more about blockchain technology, feel free to check out our Blog, or contact us directly and we’d love to help you out! 

 

Liz Young is part of the Evolving Solutions Marketing team.  She works with the incredibly talented sales and architect teams at Evolving Solutions to ensure we offer the best support to our clients.  From creating collateral to planning world-class events, Liz works to support the Evolving Solutions Sales and Architect teams to ensure our best foot is always forward.  She is a journalism major at the University of Minnesota and writes content for the Evolving Solutions blog, LinkedIn page, Twitter feed, Facebook page and Instagram account, in her spare time.

Like what you read? Follow Liz on LinkedIn.