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Blockchain to transform banking sector in Bangladesh: Experts

Blockchain is a kind of database. In other words, a digital ledger/ledger/record of blockchain transactions

Dhaka — The Blockchain is a that stores important data securely and encrypted, which will change banking in Bangladesh experts opined. They noted that blockchain technology can create a lot of potential for Bangladesh. From ride sharing to the financial sector, land management, medical field, it is possible to get various benefits of this technology.

Blockchain is a kind of database. In other words, a digital ledger/ledger/record of blockchain transactions. Each individual record is called a block that is linked together in a list called a chain. IT specialist Masud Ahmed said, “Every block in the blockchain is completely immutable. Once a block is added to the chain, it is impossible to change it.”

The blocks sit side by side in the order of their creation. Each block knows which block is before it, he said. This field of information is now being adopted in many countries. Work has also started on this issue in Bangladesh. If this technology is applied at the government and private levels, the country will move forward in the digital process.

AB Bank IT Manager Jahangir Alam said: “Blockchain can revolutionize the banking sector. All the branches have a large ledger to record all the transactions of the bank.”

And the banks that use banking software, have this record in the database. Maybe, even in that old book. This large ledger is called a laser. So for a valid transaction, it must have an entry in the bank ledger, he added.

Experts illustrated that a blockchain is a laser that has many such blocks side by side. Each block contains all the data of the transactions that have taken place in the world from time to time. This data is open but encrypted, which means everyone can see this data, but if you want to read it, you need the private key. This means that if you transact here, only you can read all the details of your transaction from here using its private key, no one else can. But what people will see is the amount of the transaction.

However, it will not be known in this way whose money has gone to whom. Because the money will go only with the address. There will be no identity. LC in Bangladesh and payment is done through Swift. Blockchain LC is a reality in this age of digital transformation in the same vein. It is only a matter of time before overcoming various challenges.

This transaction is real-time, hassle-free, paper-free and at the same time cost-effective. As a result of this successful transaction, many banks in Bangladesh is expected to come up with such automated methods in trade to provide comfortable service to their customers.

Experts believe that transaction banking is changing rapidly through the use of digital technology.

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