June 2024 | Ezekiel Onyekachukwu Udeh, Prisca Amajuoyi, Kudirat Bukola Adeusi, Anwulika Ogechukwu Scott
The article explores the impact of blockchain-driven communication on enhancing transparency and trust in banking through the use of distributed ledger technology (DLT). Blockchain technology, as a decentralized and immutable ledger, offers secure and transparent ways to record transactions and exchange information. In banking, blockchain-driven communication can streamline processes, reduce costs, and enhance security. By leveraging DLT, banks can create a secure and transparent communication network that allows for real-time transactions and data sharing. Key benefits include enhanced transparency, which reduces the risk of fraud and error, and increased trust among customers and stakeholders. The article also discusses the challenges and considerations of implementing blockchain in banking, such as scalability, interoperability, and regulatory compliance. Finally, it outlines the future outlook for blockchain-driven communication in banking, highlighting advancements in interoperability, privacy, and integration with other technologies like AI and IoT. Overall, blockchain technology has the potential to revolutionize banking communication by providing a secure, transparent, and efficient way to conduct transactions and communicate.The article explores the impact of blockchain-driven communication on enhancing transparency and trust in banking through the use of distributed ledger technology (DLT). Blockchain technology, as a decentralized and immutable ledger, offers secure and transparent ways to record transactions and exchange information. In banking, blockchain-driven communication can streamline processes, reduce costs, and enhance security. By leveraging DLT, banks can create a secure and transparent communication network that allows for real-time transactions and data sharing. Key benefits include enhanced transparency, which reduces the risk of fraud and error, and increased trust among customers and stakeholders. The article also discusses the challenges and considerations of implementing blockchain in banking, such as scalability, interoperability, and regulatory compliance. Finally, it outlines the future outlook for blockchain-driven communication in banking, highlighting advancements in interoperability, privacy, and integration with other technologies like AI and IoT. Overall, blockchain technology has the potential to revolutionize banking communication by providing a secure, transparent, and efficient way to conduct transactions and communicate.