The main use case we focus on when looking at the possibilities of blockchain for banking is payments. Blockchain could be used as “another way to pay yourself, without relying on SWIFT and other payment systems”. Blockchain has a potential role in payments and there is currently a “period of unprecedented change and transformation”. Blockchain could provide benefits not only for bank customers, but it could also lead to operational efficiencies and cost savings for banks themselves. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”? Get an original essay He also said that payment systems as a whole are currently under great pressure, as it has become urgent to modernize the payments and address safety and security questions since the financial crash of 2008. This has led new entrants to the market, such as FinTechs, to seek to solve these problems using blockchain. The existing payment system has always gone through banks and central banks, a process that was first implemented in the 1970s and 1980s. In addition to speeding up money transfers, blockchain could also helping banks operate around the clock, 24 hours a day. This is now somewhat expected by customers who want an omnichannel banking experience at any time of the day or night – especially for “millennials who are now firmly entrenched in the workforce and who want a better, faster, simpler way to make payments.” Rabobank has been heavily involved in the development and ongoing use of Ripple Lab's Ripple blockchain protocol. It was announced in December 2014 that the three banks had begun testing blockchain technology to make customer payments and cross-border transactions. Ripple said its technology could enable banks to reduce their operating costs by 33% during the international payment process and allow lenders to transfer money “in seconds”. Ripple can be used by banks for an open source approach to payments to replace many of the intermediaries common in the payments industry, passing on savings to partner institutions, and therefore by extension, to their customers. Thus, blockchain can be used to make real-time payments on a global scale, with real-time execution, full transparency, real-time fraud analysis and prevention and also at a reasonable cost. The only problem with Ripple, at the moment, is that it is a proprietary blockchain network that cannot yet connect to other systems. In order to connect Ripple to other blockchain protocols, an inter-ledger protocol will need to be developed, tested and implemented. Case StudyBlockchain and Government Services in Estonia In the government sector, blockchain technology can be used to verify transactions and changes to keys. records, transaction logs, agreements and any other data, which is generally referred to as data at rest. This term includes all data stored in digital form (databases, spreadsheets, archives, backups, etc.), but excludes all data currently being processed, to which another term applies: data currently being processed. use. Traditionally, the main objective of data protection.