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LogoutBanking is the industry with the most to gain from using Blockchain in its business operations. Financial institutions only work during regular business hours, typically five days a week.
If you deposit a check at 6 p.m. on Friday, you will have to wait until Monday to see the funds in your account. Due to the massive volume of banks transactions, even if you make your deposit during business hours, it will take one to three working days to verify the transaction. On the other hand, Blockchain is constantly on.
By integrating Blockchain into banks, consumers can have their transactions completed in 10 minutes—basically, the time it takes to add a block/entry to the Blockchain, regardless of holidays or the time of day or week. Banks may now move funds more quickly and securely between institutions thanks to Blockchain.
For example, in stock trading, the settlement, and clearing of the transaction process can take up to three working days (or longer if trading internationally), which implies that money and shares are frozen. Because of the high quantities at stake, even a few days in transit can cost institutions much money and put them in danger.