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blockchain technology could provide a single digital source of ID information, allowing for the seamless exchange of documents between banks and external agencies. Smart contracts can be coded to reflect any data-driven business logic. Loan repayments Consumer banks, commercial banks. Digitalizing letters of credit.
Since we’re in the banking sector, we need to have reliable vendors. Head of Support Applications, Santander Consumer Bank AS Given the tedious nature of vendor selection – as well as being costly and time-consuming – having a clear list of requirements is invaluable to decision-makers. The robustness of the company is also important.”
What sets NFTs apart from a fungible token – like a $1 dollar bill – is the fact that NFTs are a unique token containing a smart contract that is not interchangeable in the same way that $1 dollar bills are. This works because of the smart contract which authenticates the bottle and ownership. NFTs are immutable.
“As an audience, financial professionals may be cautious in their approach to business, but they still expect to be wowed at a meeting,” says Joe Panepinto, senior vice president and strategy director for Jack Morton, a brand experience agency that has clients such as Liberty Mutual, Arbella Insurance and Bank of America.
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