Bitcoin, Blockchain Takes Another Big Step Forward
Startup R3 recently announced that a dozen more banks have signed on to its Blockchain project, which brings the initial round of banking membership to a grand total of 42 banks. This group of financial institutions and R3 are pushing a new method of financial transactions using bitcoin on a blockchain, which has the potential to disrupt the entire financial sector.
The banking industry took another giant leap forward toward a digital disruption that can streamline bank collaboration. According to “A banking dream team is looking at technology that could ‘impact financial services the way the Internet changed media’,” posted by Oscar Williams-Grut on BusinessInsider.com, R3 is creating sector-wide standards and use cases for blockchain, which is the software supporting bitcoin. This powerful software uses cryptography and distributed ledgers to regulate, record, and enable bitcoin transactions. As Williams-Grut explains, when someone is paid in pounds (or dollars), one bank communicates with another to update that balance. Each day, bulk transactions are exchanged between banks by an intermediary to make sure that each bank has the appropriate amount of cash. Blockchain eliminates that hassle when people pay using a digital wallet. By streamlining the digital communication between banks, these transactions can be completed faster and easier, which also means cheaper, and R3 is leading efforts to make this happen. With the latest dozen banks signing on to the R3 project, it’s clear that that blockchain and bitcoin transactions have strong support in the financial sector.
Just as R3’s technology can make financial transactions between banks faster and efficient, modern enterprise resource planning (ERP) solutions can make other banking activities faster and efficient. Banks can use ERP to automate many common tasks including financial and accounting processes, labor support and logistics, as well as other internal operations. A robust customer relationship management (CRM) solution can strengthen relationships with customers and offer automated workflows, guided dialogs, and speedy access to detailed customer account information. Both ERP and CRM offer business intelligence features that you can use to turn data into actionable insight, which you can then leverage to your competitive advantage. Contact AKA Enterprise Solutions for more information about taking your own big step forward with ERP and CRM.