What are the uses of blockchain technology in banking?

[blockchaincommunity]

Although blockchain technology could be applied to many data processing functions, payments and fraud reduction are two areas with immediate traction. Transferring money is currently time-consuming and often requires financial intermediaries. Each of which takes a service charge and is subject to greater regulation and higher costs due to the prevalence of fraud. Blockchain reduces the number of middlemen while increasing security. Which could reduce industry-wide transaction and processing costs by billions. But this reduction in back-office red tape comes at the cost of eroding traditional roles within the financial industry.