Blockchain Technology in Global Investment Bank’s (GIB) Digital Bank Business
The world nowadays has been revolving around information technology. When it comes to information technology, there will always be advanced products and services that are updated to cater to the needs of the community. Humans have implemented a plethora of advanced solutions for modern problems, especially in the global investment industry. This is where more creative creations come in between especially in GIB Digital Bank. For instance, blockchain technology which has been implemented in GIB Digital Bank as an underlying technology to enhance performance. To those unfamiliar with blockchain technology, it is considered something new that has been introduced in the IT world for the past few years.
Blockchain Introduction: GIB’s Digital Banking System
The main question is, what is blockchain technology’s role in Global Investment Bank and capital trust? And what is it created for? Blockchain is still new in the market for reliability in the banking system. That is why most people are not exposed to the system yet. A brief introduction and understanding are what they need to help understand the system better.
If you are new to blockchain technology, then this article is the right platform for you to learn more. Who knows, this might be the chance for you to enhance your investment business field in the future. Some opportunities might need you to take the risk first before the outstanding outcomes.
Some people will relate the term “blockchain” with cryptocurrencies, digital banking, and capital investment trust. This is because statistics and data have shown the increase of cryptocurrency registration starts as the financial sectors introduced blockchain technology in their system for security and safety purposes. This is also the reason being most businessmen and investors preferring to halt all traditional approaches in investment to their respective organizations. Clients and customers are having higher expectations now that this so-called impenetrable service is on the list of most of the systems across Malaysia, Singapore, and Cambodia. However, that is not all. Blockchain technology covers more diversified economic sectors and even other sectors.
Blockchain in GIB’s Digital Bank is an advanced technology that monitors the details of individual transactions with a secured platform. The data and information in GIB’s Digital Bank that has been plugged into the blockchain can never be altered or changed. This is to ensure the privacy of the customers is in the close monitor by the system. There are lots of applications especially in the financial sector that are built on the blockchain system. The system in GIB’s Digital Bank can only process instructions and activities in a form of cryptography. The system itself is decentralized. Therefore, all the data and information shared is connected to one network in GIB Digital Bank at the same time.
What is cryptography in GIB Digital Bank? It is a method of securing all the data and information in a communication system by using special codes. The codes are used to only give the license for people who are intended to be the one who has to view the information. This ensures the liability of the information processed in the GIB Digital Bank system. The writings are only done by professionals who are trained to use the crypto language in the system. The algorithm used is a key to transform the inputs and outputs in an encrypted text. This is because the normal transaction field can be tampered with very quickly by hackers. Because of this, advanced blockchain technology in GIB Digital Bank was created.
Blockchain in GIB’s Digital Bank adopts a faster way in information handling that avoids longer processes and implements faster transaction processes that save both the customers’ time and money. The ability of blockchain to be adopted by most of the digital applications available across the globe is outstanding. The blockchain network in GIB Digital Bank has reached the maximum level of connectivity for capital trust to ensure the liability of the whole transaction or networking process made by the users of the applications. Most businessmen and investors have indulged in this technology to ensure the security of their whole system operation.
Main Blockchain Technologies
Blockchain includes three main technologies in GIB’s Digital Bank that assists the whole working process of the information and data transaction daily.
– Cryptographic (Public key and Private key) codes with only permitted professionals to work with.
– User-friendly networking system that offers a shared ledger for better connectivity in every aspect.
– A reliable data storage to store all the previous transactions and cash flow for individuals in the system.
Why use blockchain for GIB’s Digital Bank system? There are pros and cons of using the system for crucial businesses such as financial matters and capital investment trust. Here are some pros and cons:
Pros and Cons of blockchain technology
- High Security
As mentioned in the article before, blockchain adopts a digital security feature that is hacker-free for all transactions or networking made by the users in the GIB Digital Bank network. The data and information that have been inserted into the capital trust system are highly secured with codes and block paths that can only be read by professionals with the authorization of the organization itself. It requires specific digital data for the users to interact within the network to ensure full encryption mode for both parties. Users shall not worry about the efficiency of the blockchain technology now as it has been used in cryptocurrency management for better outcomes. By promising full security in GIB Digital Bank, customers can build trust with the business as they can see potential in the liability of the system itself.
- Faster payment
Blockchain technology in GIB Digital Bank operates internationally. Therefore, the customers and clients in GIB Digital Bank can use the application/system whenever or wherever they want for flexibility. It allows the system in GIB Digital Bank to compensate transaction fees or payments in less than 30 minutes without any problems in between. It covers also the banking and remittance services that will help the clients to improve their details in the data submitted. Unlike the traditional global banking system, blockchain in GIB Digital Bank creates easier access for clients to track all the spending and cash flow. This will help the clients and customers to keep track of their expenses within the application itself. The system provides digital receipts that are accepted in other blockchain applications for easier access. As employers, you can also pay your staff using blockchain technology as it will remain discreet for every payslip and honor the rights of the workers.
- Decentralized Networking System
GIB Digital Bank’s Blockchain technology is well known for its decentralized method of networking in the system. This is to ensure that all the information and data are tally with the original ones as some people might have made mistakes while keying in the details. To avoid that, financial specialists have created this technology to ensure mutual consensus of users in any transaction or banking activities that will result in a safer process overall. The system is code programmable which can be effective in adapting systematic emergency actions, and events that may happen without the users’ knowledge. Although any incidents will seem impossible. Professionals in GIB Digital Bank have developed the backhand of blockchain to support any mishaps in the future.
As mentioned before, blockchain technology in GIB Digital Bank is immune to any mishaps or complications within any transaction or banking process. This is because they are using special algorithms created just to fulfill the tasks in the system itself. Time by time, more blocks in the system will be added but they can never be removed. The blocks can only be created by authorized programmers within the organization itself. This means that only trusted individuals for investment are permitted to do so. For instance, all the previous transaction records for each user will be stored until the end of the world and no one can erase them. Not even the programmers in GIB Digital Bank. This is to keep track of what the users have been spending their money on and ensure easier access for both organization and user. Hence, the nickname “impenetrable” was given for this system.
We can see that blockchain is transforming the business world now. Transformation leads to the advanced structure of humanity. Therefore, the better the system, the easier the access to gain the customers’ trust within the organization. People care a lot about impressions nowadays, especially in the financial sector. You cannot fake perfection with puzzled imperfections. Other than that, more sectors such as food and beverages, retail, and industry have been lining up to install the blockchain system in their organization.
Talking about global investment banks and capital trust owners. They will view the success of blockchain technology in GIB Digital Bank as affordable matters because of the trust and efficiency that this system provides. Hence, the increased numbers of investors leaning in the industry. Although blockchain technology in GIB Digital Bank is considered new and young, the revolutionary solutions that have been adopted together with its promise of outstanding milestones and achievement.
Now that you have come to the end of the article, what do you think about the blockchain technology to be implemented in your business? Is it worth the try? Let us know if this article helps you in understanding the system better.