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BLOCKCHAIN IN BANKING

Imagine going in a bank and finding piles of leather-covered books for keeping records of the hundreds and thousands of transactions that are being made in the bank by the customers. Now imagine being a customer of a bank that has all of this in control and being handled by blockchain technology. Blockchain technology in the banking field has revolutionized the financial markets.

The work which was once done in days and weeks is now possible in a single click and is way more accurate and precise than ever before. Blockchain technology has made the presence of a wide variety of options available at your single click.

Blockchain technology has enabled its users to have access to multiple options at a time without taking any time, they can get access to their money any time, they can transfer it anytime without any delay.

The increase in the speed of transactions and all other methods of blockchain technology has led to its use in various fields like banking, commerce, healthcare, and investment banks.

How does blockchain banking work?

Blockchain banking has been proven to be a more accurate, fast, and secure form of banking. It is not only fast but is more secure than any other form of banking. Blockchain banking works in such a way that is easy and trusted by both, the person making the transaction and the bank itself. Transactions through the use of blockchain can be made by the following method:

  • If a person “john” wants to send some money to “jack”.
  • He would ask for the transaction to be made through the use of a ledger
  • His payment will be represented in the system as a block or the form of digital currencies
  • The block in which the transaction is to be made will ask all of its participants or members to allow for the transaction.
  • Once all the members have agreed to the transaction, the digital currencies will be transferred from john to jack.
  • In addition to this, a non-editable receipt or record will be stored in the ledger as history.
  • Blockchain companies serve for this purpose of building up such financial infrastructure to provide seamless financial services to the custodian banks which then do the same to their customers by providing them with their custodial services.

Uses of blockchain technology in banking

Blockchain banking provides you with the following benefits as compared to the old traditional bank transfers:

  • faster payments processing
  • secure clearance systems
  • buying and selling of digital assets
  • easier fundraising
  • trade finance
  • the benefit of digital identity
  • peer to peer money transferring ownership

Faster payment processing:

Adopting blockchain in banking can lead to faster and more secure transactions and transfers. In addition to this, the processing fee of the transaction has also been reduced making it customer-friendly and easily accessible. If banks could introduce these services of faster transactions with a lower transaction fee, the customers would bring new products in the market bringing a new face to the digital financial markets.

In addition to this, by the introduction of blockchains, the bank will get the advantage of cutting down the third party away from the process making the transaction method easier, faster, and safer.

Secure clearance systems:

SWIFT is a part of existing protocols used by the banks for the storage of records. The introduction of blockchains to the system can bring revolution to the global financial system. In simple words, when you are making a transaction through a bank with simple technologies, the bank will send your request of a transaction to a third party known as the custodial services, moreover, the bank will have to keep a record of its balance and then approve the payment of the transactions, but in case of blockchains, the payments and transaction method is kept between the two parties only making it safer to use. A digital record of the payments and transactions is kept by the system for security purposes.

Buying and selling of digital assets:

The introduction of blockchain in banking has cutoff the involvement of third-party protocols has led to the deduction of asset exchange fees and has also resulted in a reduction of security threats of traditional securities markets across the global financial system.

The key role of blockchain in the reduction of the asset exchange fee is its ability to keep complex data records of who owns the asset without the presence of a third party or the middleman. Financial institutions have made use of blockchain technology to revolutionize financial markets. Blockchain banking is cost-saving in terms of buying and selling digital assets.

The method of transaction, buying, and selling of assets electronically without them seeking validation from a third party and without the approval of custodian services has made the selling and buying of assets much easier.

Easier fundraising

Fundraising through typical processes is very difficult these days due to the busy routine of all. The distributed ledger technology has made raising funds a lot easier than it was ever before. Before the introduction o blockchain technology, the entrepreneurs used to set different desks and carry out different meetings with their concerned partners. After long sessions of meetings, it was then decided whether they will be given their desired amounts or not.

But the blockchain technology has brought an evolution in methods of collection of funds, the entrepreneurs will just have to put up a digital asset or project and ask if anybody is interested. The members of the network will look at the digital asset and then interested ones will contact the seller directly and will make a safe and easy payment with lower transaction costs giving the buyer and seller the benefits of developing smart contracts that are best in the interest of both of the parties.

The process of fundraising has been replaced in blockchain technology by different alternatives. Some of these alternatives are IEO, ETO, and STO. They are abbreviated as Initial Exchange Offerings, Equity Token Offerings, and Security Token Offerings respectively. These days, Security Token Offerings is widely used in which the project has to pass through a diligence test making its quality unquestionable and making it a suitable choice for the trade finance that will benefit the banking industry.

Trade finance:

Trade finance is the field that deals with all the trading, buying and selling is dealt on the global level. Blockchain technology can also revolutionize this sector. All the tracking of banking funds in the banking sector, records of bank balances, financial transactions of the buyer and sellers are still done by paperwork. This workload can be reduced by blockchain solutions. Where your purely digital assets are being managed by asset managers that will work efficiently.

The benefit of digital identity

In the existing protocols, the users are not allowed to carry out the transactions without proving their identities, however, the methods of verification can be very disturbing or may not be user-friendly. These steps may involve facial recognition, thumb recognition, or password entrance every single time you log into that device or go through a new service provider.

This inconvenience of the verification process can be minimized by the use of blockchain solutions that enables the user to use the same identity again and again without any hectic authorization with safety and security. In addition to separate digital identity, blockchains will give the user the benefit of using that identity and limiting the number of people they want to share their information with.

The hectic process of authorization can be resolved by using blockchain technology in which the user will only have to enter their identity once and then can use it wherever they want to without the involvement of custodian banks.

Peer to peer money transferring ownership

Peer-to-peer money transferring is the term used for the person to person or the buyer to seller interaction for the direct transaction. Many online services are being used for this, but they have certain limitations, for example, some apps do not allow money transfer in the same region, and some apps have limitations on the amount of money you want to transfer.

All these issues can be resolved using blockchain solutions. Blockchain will provide the user with a decentralized network that will help the user in the easy and direct transaction and facilitate faster payments. Moreover, as compared to other apps, that take days for receiving money, the user will not have to wait for days and weeks for receiving the money because all the transactions that will take place using the blockchain will be in real-time making the trade process easier and smoother.

What is Blockchain Technology?

A blockchain is a distributed ledger that has databases that are being shared among different distributed networks interconnected with each other. As blockchain is a database, it stores all of the data in digital forms. Nowadays, blockchains are widely known due to their extensive use in the field of digital currencies like bitcoins. Blockchains have been playing a greater role in the enhancement of financial infrastructure. Using the blockchain bitcoin transactions are being made leading to a rapid increase in international trade. Moreover, depending upon the security of the decentralized networks that are being offered by the bitcoin blockchain, the user can make the transactions publicly and safely. Now the main thing is understanding what blockchain technology actually is?

Consider a daisy chain, all the daisies are interlinked to each other. Similarly, in the case of blockchains, the blocks are interconnected to each other who are the members of the decentralized networks where the digital trade is to be made. In easier words, a blockchain platform is a platform for different users where they can share a single digital asset and can work on that. It has the same analogy as that of google doc, for instance, you share a document with several people in your group, now all of them can view and edit the document, similar is the case of the blockchain platform. All the people that you allowed in your network can view and buy your digital assets that are real-world assets.

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How does blockchain work?

Blockchain technology can revolutionize the traditional securities market. Blockchain transactions work as follows:

  • The seller displays their digital asset
  • All the members of the chain look at the assets
  •  The interested members contact the seller
  • The blockchain members and sellers develop smart contracts
  • The purchase is made

The seller displays their digital asset

The selling and purchasing of the asset are done on the blockchain in form of digital assets as it facilitates faster payments. The blockchain platforms tokenize real-world assets into digital assets and the actual money into digital currencies and all the payments are in the form of digital payments.

All the members of the chain look at the assets

The blockchain has several blocks or members that have the access to look at the asset the seller. The owner of the asset has the right of restricting several members from viewing the asset and its history.

The interested members contact the seller

The digital asset can be viewed by the block members. The members that want to buy the asset can contact directly the sellers. Blockchain platform provides the buyers and the seller the benefit of peer-to-peer interaction and transaction.

The blockchain members and sellers develop smart contracts

The public blockchain networks have separate ledgers that enable the buyers and sellers to develop smart contracts. Smart contracts are terms and conditions developed by the mutual consideration of both parties.

The purchase is made

After the development of smart contracts, the purchase of the asset is made and the blockchain network stores the record of the purchase and transaction in form of blocks instead of all the paper certificates. The purchase is made online in the blockchain-based platform and digital currencies are used. The credit reporting is kept hidden from the other members.

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What is Distributed Ledger Technology?

Distributed ledger technology (DLT) is a digital system that is used for keeping a record of the transactions that are made but in a digital way. In distributed ledger technology the records of the bank accounts of the buyer and the seller are kept at different places at the same time. From initial coin offerings to the end of the purchasing, all the records are kept using the Distributed Ledger Technology. It helps in keeping the records of the correspondent bank accounts without the involvement of the complicated system of paperwork. The banking system that used to deal with bulks of paperwork can deal with all these things easily and without any hectic routine. The data sharing done through the use of distributed ledger technology is safer and accurate. The distributed ledger keeps a record of the transaction volume. Blockchain-based transactions are considered to be safer than others due to the distributed ledger technology that keeps the record of overall data and financial transactions.

How Financial Institutions Work

Financial institutions are organizations or businesses that help different people and organizations with the funds that they need for their business. What financial institutions do is that they collect funds from different clients and divide them among those who need them. They do this by contacting both, their buyers and savers. After the money has been given to a specific business, they advertise their business. They help in buying and selling of stocks and assets of both the investors and the buyers and raising the funds. In addition to this, they provide paper ownership to the customer of the correspondent banks. They also work with complex programmed loans increasing the average bank transfer. Financial institutions have revolutionized financial markets by keeping a record of the central banks, central bank digital currency and digital asset holdings, cost savings, international trade, and global networks. They provide financial services to their customers where and when needed improving the financial infrastructure. They stay in contact with the central security depositories and blockchain companies for keeping the credit report. The financial institutions are using decentralized ledger these days for keeping the record of the correspondent banks, and with the credit report provided, they keep a record of the same custodian banks, fiat currencies available, venture capital, average bank transfer, and syndicated loan structure.

Understanding Global Trade Processing Costs

What is global trade?

Global trade is a term used for the process of imports and exports across the borders of different countries. Imports are the goods that are being bought by the country while exports are the goods that are being sold by the country. Global trade or international trade plays an important role in the economy of the country. International trade allows the country to be accessible to goods that may not be available to the people domestically or may not be present In abundance at that place or that country. International trade has led to an increase in competition among the local markets.

Advantages of global trade finance

Global trade has its advantages in the market of the country. It has not only led to an increase in the domestic market but also has led to betterment in the relations between the countries. For example, if a country is good at producing a certain good and the other country is in need of that certain good, the country in need of that goodwill has to keep good relations with that country for their own need. Blockchain-based ledgers have also made it possible by allowing a good to be available across the different borders at the distance of a single click.

Global trade processing cost has also been reduced by the use of a separate ledger. The global trade costs involve the expenses of transportation, tariff and non-tariff taxes, and other information costs. All this has been reduced by the use of blockchain-based companies that are interlinked together providing the best financial services to the customers by lowering the burden of KYC compliance.

Conclusion

Blockchains have wide use in commerce, healthcare, and marketing. Blockchain-based companies can be proven to be the most useful tool in the banking industry. The records that were once kept in register and notebooks are now being dealt with by the global network that has blockchain based companies that are interlinked with each other. Blockchain allows companies to get better financial services with lesser security threats and more advantages. Blockchain has enabled its user to present their digital assets in front of the whole world.

Blockchain banking works in the terms of digital currency. The seller put their asset for sale on the ledger. The assets are viewed by the members of the chain. A smart contract by the mutual consent of both parties is brought forward without the involvement of the third party and after the approval of both parties, the trade is confirmed and the final transaction is made in the form of digital currency.

The payment method using the blockchain is very safe and secure and has various advantages. Blockchain-based transactions do not have limitations on them. There is no limitation on the amount of money that can be transferred from the buyer to the seller. Moreover, the customer does not have to wait for days and weeks for the transfer of money as it is in other apps.

Financial institutions are the organization or businesses that raise funds from different businesses and distribute them among different businesses that need financial services for their business. Moreover, they help in the expansion of business by helping them in buying and selling the shares and stocks. They are a major part of the international market as they have led to a change in the method of a transaction from simple bank transfer to the digital method of transaction. It is not only easy to use and readily available and has many options but is also safe to use and is a very fast method of buying and selling assets.

Blockchain has led to an increase in global market buying and selling by keeping different options in front of the customers that are available across different borders. People are interlinked together by the blockchain method of trading. With the increase in the people having access to the ledger, no compromise on the security was made sure by the developers by providing the user with individual digital identity.

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Frequently Asked Questions

Blockchain improves trust, security, and transparency. It also improves the ability to trace data shared across an enterprise network — and also delivers savings in costs through the use of new technologies.
By utilizing this public ledger technology, enterprises can take care of business their center functionality by bringing greater security, recognizability, unchanging nature, and straightforwardness. In view of the business nature, you can create separate custom blockchain (I.e) permissioned blockchain for your interconnected systems. Just a limited number of people can have the benefits to get to the data gave inside the system.

Blockchain is a complete decentralized and distributed ledger technology, which can store encoded records, and those records will be transparent, changeless likewise identifiable to the blockchain network clients. Blockchain was introduced with store the data about bitcoin and its exchanges, and now the innovation is utilized for some ventures, as it infers the most ideal approach to store information superior to some other customary database.

Since blockchain determines the new type of information storage and gives elevated level security to those records, business and associations can use this disseminated innovation, to store, recovered and oversee business records under one single rooftop, where the information could be completely decentralized, subsequently, no other outsider including the programmer can’t get to the records.

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