Blockchaine technology is a gigantic book of accounts in which records (blocks) are linked and encrypted to protect the security and privacy of transactions. Is a distributed and secure databasewhich can be applied to all types of transactions that do not have to be necessarily economic.
In this chain of block, there should be multiple users (nodes) that are in charge of verifying these transactions to validate them and thus the corresponding block to that register with this gigantic book of accounts.
The banking sector is one of the more interested in this technology and is one of the most they are investing in it.
The banking industry believes that one of the first more immediate impacts would be cost reduction. Currently each bank has deployed a series of servers, where the information that resides in them is duplicated with that of other many banks and institutions. If the banks share a book with that duplicate information, would get significant savings, as well as agility in some of the processes that now require validation.
One of the applications most awaited by this sector is that of international transfers are standared where costs for transactions and transfer would be done directly between users and companies agreeing a fair price per transaction.
Currently Microsoft and Bank of America reached a collaboration agreement to develop this technology with the aim of promoting the transformation of financial transactions.
It is a good step for users who believe in this technology that they are investing large resources in these projects and that significant steps towards a decentralization of the banking system, are to be given which would do much more transparent processes financial.