Benefits of Blockchain for Banking

Blockchain becomes a potentially disruptive business technology in the financial services sector.

Source
Chairwoman Blockchain Zoo Pandu Sastrowardoyo said that so far digital transactions between banks are still using the central server.

However, with blockchain technology, the functionality will be lost and stored data is also secure because it is encrypted. The blockchain is a technology that allows the exchange of data without using a third party on the transaction process.

According to Pandu, several banks have begun to adopt this technology, one of which is the largest private bank in Indonesia.

He claims the Financial Services Authority (OJK) also supports the application of blockchain in the financial sector. In fact, Blockchain Zoo has partnered with the Association of Regional Development Banks (Asbanda) to implement blockchain in its operations.