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BankBLock

BankBlock is a blockchain-fused platform that emphasizes data security and efficiency for the banking industry. Although e-contracts might be more efficient, the Bank system still relies heavily on physical signatures and contracts for compliance. A paper contract has obvious shortcomings: manual input inefficiency or error; high transportation cost or even transportation failure; risk of loss/ damage of paper document on improper handling. However, BankBlock will revolutionize contract settlement through blockchain technology: immutability, traceability, and security. We vision BankBlock to be of great use in intra-bank and inter-bank systems. In the intra-bank system, BankBlock could speed up data acquisition in a timely and accurate matter. With access permission and a track record, different portals within the banking ecosystem could access up-to-date versions of said data on the blockchain. Besides, every alteration would be transparent to relevant parties with specific access permission. In the inter-bank system, BankBlock could serve as a decentralized, trustless domain for different parties. Therefore, contract handling default will be minimized as this system could drastically reduce lower manual/ repetitive input and handling.

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