PAYMENTS
“Blockchain ’ s capacity to enable real-time processing helps banks shorten transaction times and reduce manpower costs .”
NICK JONES FOUNDER AND CEO , ZUMO the sensitive nature of different types of transactions that banks will want to persist . There needs to be a focus on what is persisted .
“ Regular audits of smart contracts are also essential for maintaining network integrity . These audits help identify and rectify vulnerabilities , and there is a growing trend towards using ISO certification in apps and contracts , although its application remains limited . Multi-signature authentication , requiring multiple keys for transaction authorisation , prevents single points of failure , adding an extra layer of protection against unauthorised transactions .”
fintechmagazine . com 109