Community banks need to benefit from the chain chain


nnnThe use of the block chain is far beyond the scope of the virtual currency, and at any time to subvert the financial services and other fields. For community banks, the sooner they begin to think about how to benefit from distributed categorized books, the more they can be left behind by a banker who has a certain size. The value of the chain chain can bring the limits of our imagination, but to the community banks to achieve these efficiency on the upgrade, you need to cooperate from the strategic cooperation on the technology to carry out testing.n
nnTranslation: Clovern
nBlock chains are ready to subvert financial services as well as other areas. For community bankers, it’s a good thing to start thinking about ways to benefit from distributed categorical books. In some ways, this means gathering our efforts together.n
nThe most widely used application of the block chain is the platform for carrying encrypted currency such as Bitcoin, Ethernet Square and Lehman Coins. But the use of block chain is far beyond the scope of virtual currency. For example, the Republic of Georgia voted in April 2016 to pass the Land Ownership Registry, which relied on the block chain to confirm ownership of the property. If the United States also carried out some similar projects with the block chain, then the bank will be able to deliver real estate loans faster. Imagine a world that can immediately and clearly verify the real estate rights and interests of the world will be what kind of.n
nIn such a world, the widespread role of property rights agents is now fundamentally disappearing (or greatly reduced), and the time required to validate property rights is reduced, and the most important thing is to recognize the costs associated with equity rights through title insurance Will also be greatly reduced. All of these results will improve the delivery process, both from the point of view of the bank’s search for efficiency, or from the customer’s desire to cut costs.n
nIn a word, it helps the community banks to confront the common problems in the development of the chain chain, such as how the core suppliers (suppliers of software for community banks) use this technology quickly.n
nAt the same time, the technician is also using the block chain to try to replace our unnecessary and troublesome home mortgage payment process, which can be completed to apply to the delivery process from a few weeks to a few days. Block chains can also serve banks in the context of the Bank Secrecy Act (BSA), where distributed categorical books allow banks to share information on a publicly accessible (but secure) platform. Indeed, from the perspective of regulation and cooperation, the use of block chains to improve the efficiency of BSA will face multiple difficulties. However, the advantages of this technology in saving time and money are important.n
nIn order to achieve these opportunities, community banks in a region should cooperate strategically to bring the chain into the banking sector.n
nGenerally speaking, as a community bank, we can not hire a team to build a new solution; however, we can delegate a thought leader in one area (such as a block chain) and then coordinate the ideological leaders of each institution time. For example, r3 is a bank alliance, and is jointly for the financial institutions to build a special classification of books. And community banks should take advantage of this opportunity to take full advantage of this technology.n
nIndeed, the ultimate software and technology solution is usually too expensive for community banks, compared with a certain size of the bank guys have the ability to throw millions of dollars to study the concept of such a block chain, and has been Remain at the forefront of technology. In addition, community banks rely on four major suppliers (FIS, Fiserv, Jack Henry and D H) to provide core banking software. Therefore, only through these core banking providers, we can be compared with our more powerful competitors to maintain the speed of this new technology. In this way, we now need to discuss with these large suppliers. We must let them know that we have been concerned about this technology, and we are also very interested in this technology. And suppliers need to hear a number of banks to convey the news, and once they understand the news, these suppliers will be as we are full of interest in this technology.n
nPlease be assured that these suppliers already know what the block chains are and what they need to know is that we want to benefit from this technology – that is, we do not want to wait until large banks are starting to implement this technology to get themselves into passive.n
nBlock chain is an upcoming technology, and the technology can bring the value of the limit depends on our imagination, you can think of where the block chain will be able to achieve what kind of value for us. But we have to achieve these efficiencies, we must unite and cooperate.n

Leave a Reply

Your email address will not be published. Required fields are marked *