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Blockchain technology in the banking sector offers an advanced level of security in data transmission and storage. This emerging technology also facilitates the efficiency of network infrastructure and the decentralization of the system at a relatively lower operating cost. Because of such unique applications and features, there has been a great demand in the banking sector that can have a huge impact on the regulation and operations of this domain. Some banks have started to function fully within a digital ecosystem.
One of these examples is Patia Bank of Brazil, which has become the first digital bank in the country that uses blockchain technology. This bank does not look forward to operating on digital currencies such as Bitcoin and fiduciary currencies such as Brazilian Real for consumers and traders. These banks are going to upgrade the large-scale economy. The financial market in Brazil will receive a huge advantage from this authorization to trade cryptocurrencies through banks.
Pataia Bank operates independently from any geographical location and is a fully online bank with a relatively lower operating cost compared to the traditional bank. It is an online bank with no physical location anywhere in the country. Nevertheless, the crypto-bank offers the same resources offered by other banks. However, the cost of these operations is much lower than traditional banks. CEO Simone Abravanel said that this is the first blockchain digital bank in Brazil for cryptocurrency transactions. The adaptation of blockchain technology in the banking sector made its debut with Pataia as mentioned by Token Mantra.
Blockchain Replaces traditional banking operations
According to Daily Hodl, it seems that the existing fundamental structure of the banking system can be replaced effortlessly by a blockchain-free system of brokers that will be able to provide better and cheaper services to customers. Blockchain technology in the banking sector is also able to create a customer identification system based on distributed ledger technology.
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Summary
Item name
Blockchain technology in the banking sector starts the commerce of cryptocurrencies
Description
Blockchain technology in the banking sector made its debut in Brazil with the first online digital bank that facilitates the trade of cryptocurrency.
Author
Neha Bakshi
Publisher name
OWLT market
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