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Blockchain and beyond

Distributed ledger technology can make all kinds of transactions more secure, while other applications such as biometrics are also becoming mainstream

The alarming rise of data breaches has compelled banks to collaborate with financial technology providers to embrace new ways of strengthening their security systems, such as distributed ledgers and biometric authentication.

Distributed ledger technology such as blockchain allows financial institutions -- and for that matter, any industry where transactions occur -- to identify opportunities, test proof of concept, and understand regulatory concerns better, according to the technology consulting firm Capgemini. It represents the new, trusted way for financial institutions to track the true ownership of assets without having to pass through a central authority.

Think of it as an Excel spreadsheet or a digital ledger full of valuable information that is duplicated thousands of times across a network of computers, and designed to be updated regularly in order to prevent thieves from hacking it in one place.

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