IInfusing Blockchain into mobile banking seems like what is already happening but it’s not and one of the yardstick for measuring this depth is mass adoption. Mobile banking is already on a broad spectrum range within our ecosystem but Blockchain in mobile banking? Its a No. The closest thing we have to mobile banking in blockchain technology is the various crypto currency exchange platform all around us and we all know how Criticisms are hitting it from all over but we can discuss what possible beast their infusion on a wide scale will look like.
First, we must know who is adopting who. Is Blockchain infusing mobile banking techniques into its protocol or is it the commercial banks that are trying to stay ahead of each other by infusing the blockchain technology into their platform since everyone says it’s the future? There is a big difference between the two. For the purpose of this content, we’ll be looking into the latter. How mobile banking can scale Its service with the blockchain technology. It may seem jejune but let’s explain what the blockchain technology is since we’ll be weaving it into the fabrics of this mobile banking content.
Just imagine storing your files in a box and it gets filled up then you pick another box but before filling the new box, you attache the old one to it and drop the its key in the new box. Yes, that Blockchain technology but on a digital space.
Mobile banking as we know has thee basic tenants: Mobile Applications; Web Based; and SMS Messaging. We’ll be looking at the possibility of weaving the blockchain technology into them.
Mobile Application: Banking via mobile application could be on the Apple iOS, Android or Blackberry. It involves creating an easy to use process with localized user interface to make banking experience on the go for customers. Activities on mobile banking include receiving and transferring of funds, checking your balance, making third-party payment and a host of other features deemed fit by the bank. Blockchain technology is already been used to perform all of these processes on crypto exchange mobile applications. Copying the technology then won’t be an far thing to reach.
Web Based Services: Again, this is another existing Blockchain sphere. There are lots of web based Blockchain services and so infusing the technology is not something unthinkable. It about whether commercial banks are ready to embrace the decentralized feature of the technology which makes is unaccountable to any institution but it’s users. Banks are regulated by the central financial system in each country all over the world, their offerings becoming decentralized will surely be a thing of shock to them.
SMS Messaging: The Unstructured Supplementary Service Data (USSD) reigns supreme here with short codes that can be used to make simple transactions with the banking system. The aim is to make banking available even without internet. The blockchain technology however cannot fly here until a radical change is made. That change will involve the infusion of Blockchain protocol into the very roots of the development of smart gadget. This will mean that every other activities on the device will be Blockchain infused and that may just be the wide spread adoption the blockchain technology is looking for.
An example of Mobile Banking is Revolut. Revolut Ltd is a UK financial technology company that offers banking services including a prepaid debit card, fee free currency exchange, commission free stock trading, cryptocurrency exchange and peer-to-peer payments. The London-based fintech, which has operations in Dublin, also plans to roll out consumer lending and commission-free stock trading
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