Immutable ledger for inter-branch bank transaction synchronization.
This is already in use at multiple financial institutions with significant value. It has increased the speed at which transactions can be verified and distributed across large networks of bank branches so that, for example, when you deposit your money at one bank branch it becomes available elsewhere on the network immediately without waiting for the end-of-day ledger reconciling. Previously, banks had to send just the transaction details and trust that it would be valid during reconciling (the “pending” status).
Want some more?
EDIT: Took the liberty of adding a bunch of examples to my original reply 👍
I don’t see how a blockchain is necessary there. Couldn’t they just use transaction databases and simple messaging between banks? Also, what is your definition of blockchain? Just a distributed linked list? Proof of work (the part I don’t understand the need for)?
Sure do! Quoting my other reply:
EDIT: Took the liberty of adding a bunch of examples to my original reply 👍
I don’t see how a blockchain is necessary there. Couldn’t they just use transaction databases and simple messaging between banks? Also, what is your definition of blockchain? Just a distributed linked list? Proof of work (the part I don’t understand the need for)?