Banks are increasingly adopting blockchain technology in order to bring the technical advantages of tokenization without the volatility, speculation and risk involved in cryptocurrencies.
Faster, cheaper and more secure payments.
Blockchain can integrate smart contracts that enable banks to automate complex payments based on real-world conditions. For example, smart contracts can be used to automate the payment process associated with buying a house. Today, the buyer sends money into an escrow account, and the escrow agent contacts the banks and confirms the transfer to all parties involved in the transaction. With smart contracts, we can accurately disburse each payment to the relevant party the moment the contract is signed.
