Up to now, no one can deny the changes that blockchain technology has brought to the world.
The characteristics of blockchain, such as decentralization, untamperable, openness and transparence, makes it attractive to the business sector and areas around the world. A number of companies are constantly studying how to apply blockchain in multiple fields, especially banking and finance.
In particular, the banking and the financial sector have thousands of funds transferred from one region of the world to another every day. This makes the global financial system one of the most popular industries to benefit from the application of blockchain. Banking and financial sectors operate on the basis of a high dependence on human networks and are prone to error and fraud, which could lead to a paralysis funding management system.
The changes blockchain technology brings to the banking industry
In the face of the changes that blockchain technology brought to the banking industry, the question in our minds is: Is the blockchain really useful for the banking industry? In what way does the banking industry use blockchain technology?
According to an article in the Harvard Business Review, blockchain have the same impact on banks as the Internet has on the media. Blockchain technology has all the attractive characteristics needed for reliable financial technology. It is safe, reliable, decentralized, transparent, and relatively cheap. The blockchain provides a high level of security when it comes to exchanging data, information and money. It also enables users to take advantage of a transparent network infrastructure and reduce operational costs with the help of decentralization. These characteristics make the blockchain a reliable, promising and demanding solution for the banking and financial industries.
Although the term “blockchain” was questioned by banks and financial institutions at the beginning of adoption, it has now been subverted. The goal of blockchain technology is to complete the heavy task by trading and making the overall customer experience more satisfactory and less money-consuming. In this regard, the Tark project team set up the Silicon Valley Lab in the United States, bringing together the top Internet technology talents from Silicon Valley and Cambridge to develop, maintain and iterate tark technology, and plans to set up R&D institutions in Australia and Italy to bring together scientific and technological talents in Europe, America and Australia. The core research direction is: 1. Ai consensus algorithm; 2. the landing application of blockchain + AI; 3. application of blockchain + IoT; 4. Internet’s distributed data architecture.
Tark reduces fraud based on fourth-generation blockchain technology
In any case, the intervention of money will lead to an increase in the possibility of fraud. For a base currency-based sector, security is the most paramount. More than 40% of financial institutions and intermediaries, including remittance service providers and stock exchanges, are vulnerable to major losses each year due to economic crimes. The reason is the use of a centralized database system for operations and fund management. A centralized database system is fragile and highly vulnerable to cyber attacks and is easily used by hackers. Once a hacker enters such a system, he/she can easily take the money away. This leads to the need for a more secure system to avoid such attacks.
Tark builds a decenetralized database system based on the fourth-generation blockchain technology. Since the blockchain is decenetralized, it is impossible to have a single point of failure. Each transaction is stored in the form of a block, which is a kind of encryption mechanism which is difficult to destroy. Moreover, all the blocks are interconnected. Due to this connection mechanism, if one block is broken, all other blocks on the blockchain immediately show changes. With a secure blockchain system, we can eliminate cybercrime and attacks in the banking and financial sectors in the current era.
Tark's two major features of security and anonymity escort the user assets
Security: The Tark blockchain network is secure and powerful, and it not only embeds encryption technology. Moreover, it creates the world's first dual-form cold wallet security protection model, introducing the United States Silicon Valley's top technology innovation and research and development of multi-person collaborative management functions, greatly reducing the safety factor of users token assets risk.
Anonymity: In a general centralized trading system, privacy is provided by trusted centers. All user information and transaction information are stored in the central database, and ordinary people cannot easily obtain the customer's information. Only the trusted center holds the information of everyone. Based on blockchain 4.0 technology, Tark wallet is a truly decentralized product whose nature determines that no one can easily access the user's data.
Tark innovates the global digital economy and builds digital bank
The world is being digitized, and with this advancement, even small transactions and payments are digital. There is no doubt that the rate of economic activity will continue to rise in the days to come. With the reduction of transaction costs and the improvement of scalability, blockchain technology will make small transfers feasible and fast. Blockchain technology is not subject to any international rules. With the increasing demand for interoperability among the large industries, such as banks, the technology must be compatible with different systems and should have the potential to be adopted by the public.
Tark is a cross-chain wallet and exchange that supports the payment, storage, and transaction of all token assets. It can also be used to support fast transactions and throughput to meet financial, banking and other challenges. It plans to make 1 billion people around the world become users of the TarK wallet in the future, create a global settlement ecosystem, and finally realize the vision of digital bank.
Despite the strict regulation of the banking industry, financial institutions have begun to realize the potential of blockchain technology in view of the popularity of cryptocurrencies in the current market, and the realization of global digital bank is just around the corner.