Thailand’s banking sector is considering a free verification of documents through block chains


nnnIn the past, banks have been well-known because of the complexity of their data and record-keeping processes, and this complexity requires a lot of time and manpower to achieve record accuracy and transparency. And Baoquan technology group said the company is using block-chain technology to create data authentication system to help banks reduce the complexity of the business. But the Thai banking industry has been very positive, but it seems that this attitude seems to have changed, began to really understand the block chain technology in the field of financial applications.n
nnTranslation: Clovern
nBank data and record keeping process is very complex, especially the need for privacy and authentication, which makes the bank’s reputation is a mess.n
nAlmost all operations in the bank require official records, and all of these official records must be verified, confirmed, and stored for up to seven years.n
nThis complexity requires a lot of time and manpower to achieve record accuracy and transparency.n
nA recent announcement by Baoquan technology group shows that the technology company is creating and arranging a data authentication system through block-chain technology that will allow banks to complete the verification of documents from a few days to a few seconds.n
nThe system will also provide a trustworthy data protection in this chaotic and full of fraudulent economic environment. Thailand’s banking industry has not been particularly serious about block-chain technology, but it seems that this attitude seems to have changed.n
nThe company also said the system will be free for those seeking social applications for customers to provide this technology.n
nThe nature of the distributed ledger system allows the company to add participants to document certifications without the need for particularly large initial investments.n
nThe company seems to be focusing on adding users to its system, rather than charging a premium for its services.n
nWhether this is just a marketing tool, but this proposal has shown that the banking industry is beginning to really understand the strength of block chain technology in the field of financial applications.n

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