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Blockchain is a technology that runs Bitcoins, the world’s first Cryptocurrency. Once meant for Bitcoin, Blockchain has now found its application in many sectors. Sectors that use Blockchain technology are finance, defense, payments, food industries, etc.
After that, it is also used in health care, humanitarian crises, elections, fashion, and jewelry. However, in this article, let’s discuss the use of Blockchain in banking.
Use of Blockchain in Banking
Blockchain has various advantages that make it popular in the financial sector. The banking sector has already started using Blockchain. In addition, there is a great potentiality for Blockchain use 
in banking. Therefore many financial industry giants have already started using Blockchain.
in banking. Therefore many financial industry giants have already started using Blockchain. Blockchain is very secure for financial transactions. It can reduce time, cost, and energy. In addition, it can reach a very large customer base with security that is hard to break. Above all, technology offers many beneficial features. Therefore, it creates a win-win situation for the banks and the customers.
Key Benefits of Blockchain in Banking
Given below are some of the key benefits of Blockchain in banking. Let’s discuss them!
Very Fast Transactions
In Blockchain transactions, no use of real money happens. Only a ledger entry is enough to make transactions. Customer verification, fund deposit, receipt, and transfer. All these could happen in a few seconds. Customers would get a real-time transaction experience.
Superior Security
There is a logical sharing of ledgers in Blockchain. It makes the transactions secure. The data once verified is not possible to delete anymore. It is a decentralized system. There is no third-party intervention. The transaction time is quick. It gives less/no chance for others to intervene. Your deposited amount will be safe. No government can seize your money kept in crypto form. To enhance the security level, some use 2 security keys. One for public access and the other one is for private access. It is a shared ledger. So the changing of data is not possible. It is possible if you could hack into every user’s account and change the same thing at the same time. You can now understand how difficult it is to alter data in Blockchain.
Accountability
There will be a high level of accountability. It would reduce fraudulent activities and mishandling of assets. Every party behind a transaction is banks would get to enjoy this aspect.
Transparency
Blockchain uses a shared ledger. Nobody can escape from the notice of other users of their doings or misdoings. 
There is utmost transparency in the transactions.
There is utmost transparency in the transactions.Reduced Cost
Banking operation is a spread-out one. You need to have many branches, employees, infrastructures, etc, to function. But by using Bitcoin they can decrease their cost. The cost for a bank to bank transactions would be less.
Reduced Time
The transactions happen at lightning speed. Both the bank-to-bank and bank-to-customer dealings have become quicker. The time to access banking history is very easy and quick.
High-Quality Data
Data related to all transactions are orderly and safe. Access to large data is possible. Accessing data like historical data is quite easy.
Blockchain, the technology behind Bitcoin has formed many other applications. It is going to change the future landscape of commerce. According to Bitconch – Blockchain’s future lies in distributed commerce. However, before discussing this in detail, let’s explore Bitconch and Distributed Commerce.
Blockchain technology is a very secure and decentralized system. Data storage and use are very quick and safe. It is very difficult to delete or alter data. In other words, Blockchain technology is now under use by different types of industries. Blockchain technology is going to revolutionize 
e-commerce and distributed commerce. Transparency is a unique feature of Blockchain. Bitconch is such an application for making commerce easier.
e-commerce and distributed commerce. Transparency is a unique feature of Blockchain. Bitconch is such an application for making commerce easier.What is Bitconch?
Bitconch is a 3rd generation distribution ledger system. The head-quarter of the Bitcoin chain is in Shanghai, China. Bitconch chain uses innovative evidence of reputation agreement algorithm. Above all, this technology put forward a novel solution that empowers Blockchain technology. Bitconch chain uses mathematical models to run this technology. It helps in bringing a decentralized and distributive reputation system. In turn, it helps to change the above stuff into the reputation value of every single user. The reputation of users is going to be a game-changer in distributed commerce. In other words, if the user’s reputation is more, then the transaction cost will be low or sometimes zero.
The term for high-reputation users is “Mutual Trust Nodes”. They can start their own “payment channels”. Therefore, they can make a speedier offline transaction via micro-transactions.
Distributed Commerce
Customers can buy what they browse and found. They don’t have to leave their browsing page or platform. It is a kind of personalized platform. It permits retailers to reach and get their customers by using apps. Above all, users can buy whatever they see with one click.
Bitconch’s Plan for Distributed Commerce
Bitconch has recently launched BR Play, its distributed commerce product. It believes that the future of Blockchain lies in distributed commerce. Bitconch is well known public Blockchain. In addition, a distributed
business application is its main focus. Above all, it has approval from the government of the People’s Republic of China.
business application is its main focus. Above all, it has approval from the government of the People’s Republic of China.Bitconch was the 5th in Forbes’s “Top 10 Blockchain companies to watch for in 2019”. In conclusion, Bitconch was the lone public Blockchain featured in the list.
The mainstay of distributed commerce is impartiality, co-creation, sharing, and co-building. Distributed commerce runs using Blockchain technology along with AI. It also takes the help of big data and a few other technologies. In addition, it offers opportunities to small business players in a larger business ecosystem. Therefore, distributed commerce is going to win the trust of common people in the future.
In the past, the performance of any company was dependant on internal employees. In distributed commerce, the customers will influence the functioning of a company. However, how well a company is doing? Here, the consumer is not a normal consumer. Apart from being a consumer, he is also an investor, promoter, producer, and beneficiary.
Distributive commerce has several benefits over traditional commerce. Therefore, it is going to transform the future business environment.
The Blockchain technology is behind the functioning of Cryptocurrencies like Bitcoin. It is in the news, yet again. Blockchain has emerged as a new-age technology with a variety of applications. We have seen its use in defense systems. It is also used in supply chain management, banking, and the electoral system to name a few. In addition, it’s the turn to use Blockchain in health management, more particularly to combat COVID-19.
The pandemic has engulfed the whole world during the last year. It has taken thousands of lives and shattered and shuttered the entire globe. After that, people have been in home isolation. Above all, the businesses, industries, and public activities are almost stopped. Because of the severe 
economic crisis, countries are opening up now. Till now, no foolproof medicine or vaccine is available to fight COVID-19. Without mass vaccination, it is difficult to control the spread of the virus. Without vaccination, normalcy is not going to come back.
economic crisis, countries are opening up now. Till now, no foolproof medicine or vaccine is available to fight COVID-19. Without mass vaccination, it is difficult to control the spread of the virus. Without vaccination, normalcy is not going to come back.In many countries, scientists and medical professionals are busy developing vaccines for COVID-19. At least a dozen Medical Labs have claimed their advancement in vaccine development. Two to three labs are claiming to have done with it. Above all, they are ready to market the product soon, possibly in the next three to six months.
But, for successful vaccination, there is a need for an effective supply chain. In other words, a well-organized supply chain can ensure a smooth supply of vaccines to each one of us. There is a need for quickness in the distribution of vaccines. The creation of a database of all stakeholders is also essential. It would ensure smooth monitoring and management of the vaccination process.
Blockchain Application in COVID-19 Management
The development of the COVID-19 vaccine is in the advanced stage. Some claim its arrival by the year-end. However, the next challenge is the management of the supply chain. It is a complex supply chain where the number of stakeholders is high. Acceptance of error is almost zero. In addition, it requires a huge data exchange, easy accessibility, transparency, and usability.
Several governments and medical laboratories are considering using Blockchain in combating COVID-19.
The vaccine supply chain is consisting of different stages. The stages are the development of the vaccine, storage, packaging, and cold-chain transport. Few more stages are the national and international delivery and distribution.
Why Blockchain?
Blockchain technology 
has several unique advantages. Now here are some notable advantages of Blockchain in its application in COVID-19.
has several unique advantages. Now here are some notable advantages of Blockchain in its application in COVID-19.- Blockchain would ensure quick communication among all stakeholders when an epidemic strikes
- Effective Patient Consent data management is possible.
- A decentralized database would help connect all stakeholders in a single network
- The tracking of vaccine distribution could be helpful for pharmaceutical companies.
- A high level of transparency is possible in Blockchain-based applications.
- Communication among parties becomes easier.
- The storage of data here is secure and it is difficult to delete.
- Ensures quality control
- Blockchain can ensure a fair, transparent, and democratic process.
- Blockchain will record transactions made between 2 parties in an organized way.
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