Blockchain technology can potentially disrupt the financial industry that we know and use today.
Most banking systems around the world are built on a centralized database that is more vulnerable to cyberattack because it has one point of failure rather than many—once hackers breach the one system they have full access. The blockchain is essentially a distributed ledger where each block contains a timestamp and holds batches of individual transactions with a link to a previous block.
Because blockchains can store any kind of digital information, including computer code that can be executed once two or more parties enter their keys, blockchains enable us to have smart contracts.
Know your Customer (KYC)
Blockchain would allow the independent verification of one client by one organization to be accessed by other organizations so the KYC process wouldn't have to start over again.
Blockchain disruption could be highly transformative in the payments process. It would enable higher security and lower costs for banks to process payment between organizations and their clients and even between banks themselves.