CURRENT AFFAIRS

Detailed explanation-1: -The solution they hit upon was blockchain-the distributed ledger technology behind crypto-currencies such as Bitcoin. In January, the company announced going live on a blockchain-based vendor-financing (also known as supplier financing) solution developed by Yes Bank.

Detailed explanation-2: -On 12th April, 2021, J.P. Morgan stated that they are using blockchain for improving money transfers. They are using the technology for lowering the payment processing and the verification time needed for large payments.

Detailed explanation-3: -382 banks and counting have adopted the platform. But again, we need global adoption to reap the full benefits of blockchain technology in the banking industry. Sign up to Blockchain Works to join our community of talented developers sharing insights and discovering opportunities!

Detailed explanation-4: -Blockchain has the potential to allow banks to settle transactions directly and keep better track of them than traditional methods such as SWIFT. A standard bank transfer takes a few days to settle due to the way our financial system was set up.