How can blockchain change the current banking landscape?
Banks often act as middlemen within the global economy by managing and coordinating the financial system through their internal ledgers. Since these ledgers aren’t available for the public to inspect, it forces trust in banks and their often outdated infrastructure.
Blockchain technology has the potential to disrupt not only the world’s currency market, but also the banking industry as a whole by cutting out these middlemen and replacing them with a trustless, borderless, and transparent system that is easy to access by anyone.
Blockchain will potentially help facilitate faster and cheaper transactions, increase access to capital, create higher data security, enforce trustless agreements through smart contracts, make compliance smoother, and more.
Additionally, thanks to the innovative nature of blockchain, the ways that the newly available financial building blocks can interact with each other can potentially lead to entirely new types of financial services.
What are the main benefits of blockchain for banking and finance?
Security, Transparency, Trust, Programmability, Privacy, Performance
Safer agreements through smart contracts
Contracts exist to protect people and businesses when they enter into agreements, but that protection comes at a high cost. Due to the complicated nature of contracts, the process of creating one requires a lot of manual work from legal experts.
Smart contracts enable the automation of agreements through tamper-proof, deterministic code that is running on the blockchain. Money can safely stay in escrow and is only released when certain conditions of the agreement are fulfilled.
Smart contracts substantially reduce the element of trust needed to reach an agreement, minimizing the risks of financial agreements and the odds of ending up in court.
BitCherry of P2Plus network protocols how to provide a safer service for traditional banking business
P2Plus Network Protocol Security
Different from the traditional P2P network protocol, in order to ensure the privacy of the network transmission and to prevent the gateway nodes from doing evil, the P2Plus network protocol implements point-to-point encryption. To put it simply, Bitcoin and Ethereum are transmitted in plain text during the network transmission process, and other network nodes passing through can be parsed. Although digital signature technology is used to ensure that the transmission content will not be tampered , but dont ensure confidentiality andprivacy protection. The P2Plus network protocol uses a point-to-point private key encryption technology. The transmission content is encrypted and only the receiving node can decrypt it, ensuring the confidentiality of transmission content and node privacy. The public-private key mechanism can be used not only to encrypt the communication process, but also to authorize access through signatures. Unlike the SSL certificate system and account / password method adopted by OpenSSN, P2Plus authorizes network read / write of 8-bit virtual IP addresses and identifies them by the public key signature of the virtual IP address to prevent false IP address attacks.
Because the underlying link layer and IP layer are transparent to the upper TCP application layer, a large number of traditional application layer services can be seamlessly migrated to the P2Plus network, thereby automatically implementing decentralized, point-to-point encrypted mail, chat, WEB service. Due to the point-to-point encrypted communication and signature authorization mechanism, the P2Plus protocol can also prevent DNS and DDOS attacks.
Reference:
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