NICK JONES TITLE : FOUNDER AND CEO COMPANY : ZUMO
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costs . Moving money via traditional rails can take three to five days .
Dr Scott Zoldi says : “ Transaction charges are typically high compared to blockchain approaches .
“ More than that , the cost of getting a transaction wrong on traditional rails is extremely high – there are major problems with traceability . Once the misplaced transaction has been traced , banks face multiple FX charges and correspondent banking fees to recover it .
“ In contrast , if banks are moving value via a digital asset , it ’ s instant and the costs are significantly lower , not least because there is no correspondent banking infrastructure to navigate .”
The advantages of blockchain , from cost savings to operational efficiency , are becoming increasingly clear to financial institutions .
What measures can be implemented to ensure the security and privacy of data on a blockchain network ? Ensuring the security and privacy of data on blockchain networks remains a top priority for financial institutions . All data stored on a blockchain is encrypted , making it secure and protected from unauthorised access .
“ Only those who have the appropriate permissions – or keys – can access the data . Whilst the data is encrypted , the transactions themselves are transparent and immutable ,” explains Nick .
Dr Scott Zoldi notes that private blockchains with stringent access management protocols are often used to safeguard data assets . “ Public blockchain is often not the right solution due to
NICK JONES TITLE : FOUNDER AND CEO COMPANY : ZUMO
INDUSTRY : BLOCKCHAIN TECHNOLOGY / FINANCIAL SERVICES
LOCATION : EDINBURGH , UK
Nick Jones is the Founder and CEO of Zumo , a blockchain-based financial services platform . With extensive experience in fintech , Nick leads Zumo ’ s mission to integrate digital assets into traditional banking .
108 August 2024