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Blockchain helps reduce network risks in the banking and financial industries,The network layer of blockchain includes

Time : 23/07/2022 Author : 8dh2y4 Click : + -
        Although the adoption of blockchain is accelerating in the fields of banking, financial services and insurance (bfsi), experts still believe that this technology is still in its early stage. Customers still decide to actively use this technology and are learning how to make it useful to their business. Prashantgarg, data and analysis partner of Ernst & Young India, said: "we believe that blockchain technology will accelerate when specific industry interest cases appear and the policies and governance of regulators will be clearer.". "Banks have taken a cautious approach in defining the use cases of blockchain and how to play a role in the Indian market; they are waiting for the government to make a clearer decision to support and adopt it," he added.
        Garg said that commenting on regulatory or infrastructure challenges from an Indian perspective, "Regulators have recently taken the first step by drafting a policy on cryptocurrency and its use in India; this paves the way for the government and distributed ledger technology to support digital dual currency and the use of blockchain to support the entire industry. The policy on cryptocurrency and clearer data localization specifications will encourage the industry to accelerate the pace of adoption.". When asked how blockchain can reduce the network risk of the banking and financial services industry. Urabhsaxena, director of microfocusindia, pointed out, "blockchain can save transaction records in a secure way.
        One of the most common and famous blockchain implementations is the trading hub of bitcoin and several other cryptocurrencies. Bfsis and nbfcs all count on blockchain to help ensure the security of the financial industry. ". He emphasized "According to a recent report, the distributed architecture of licensed blockchain is an advantage that can help reduce the impact of network attacks. In addition, the transparency of licensed blockchain networks provides another level of network security protection. With so many applications running for various purposes, bfsi departments can benefit a lot from the growth of blockchain. With the intensification of network threats, emerging technologies, such as Blockchain can help reduce network security risks and fully protect consumers' financial information.
        ”。 Gartner analyst rajeshkandaswamy said, "some elements in blockchain are beneficial, but this does not mean that this technology is superior in all aspects. Therefore, this is a feasible option to a large extent.". Saxena clarified that when quantum computers are widely used, the concerns of the scientific and technological community will pose a major threat to all blockchain networks. "At present, quantum computing does not pose a threat to the encryption algorithm that blockchain security depends on. Experts predict that it will take about 15-20 years for quantum computers to crack a blockchain or password. Since blockchain developers have been studying protocols to reduce the risk of quantum computing, it may never really pose a threat to blockchain.
        "However, blockchain developers need to recognize any core security mechanism and take preventive measures to fully solve the potential vulnerabilities of quantum computing on the basis of the native security measures of their platform. Looking ahead, before quantum computers become a reality, we can expect engineers and developers to create exponential and more powerful quantum security protocols.". As kandaswamy said, "it is worrying that quantum computers may crack the basic encryption of blockchain systems, thereby reducing their security. This problem is not unique to blockchain, it can affect most mainstream computing systems today. We hope that when quantum computers are ready, there will be a solution to prevent this from happening.
        ”。 Experts also believe that most blockchain projects in the bfsi sector have not gone beyond the proof of concept (POC) stage. Garg pointed out that the response to this is that "customers are investing in blockchain technology to understand its role in their business. The potential of this technology has been fully confirmed; the adoption of this technology can further improve the localization specification of data, and enable the government to take the lead in the use of blockchain.". Statement: the content and pictures of this article are written by the settled author or reprinted by the settled cooperative website with authorization. The views of this article only represent the author himself, not the position of The article and its accompanying drawings are only for engineers to learn. If there is any infringement of content and pictures or other problems, please contact this site for infringement and deletion.
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