WIZBL is in the process of acquiring the European Bank..."Looking forward to a synergy between finance and blockchain"
[Korea Blockchain News] WIZBL expressed expectations for future synergy effects as it prepared to acquire the European Bank.
WIZBL is currently participating in the European Bank Acquisition Consortium as the third-largest shareholder in charge of technology parts. This is the work of establishing the world’s first blockchain-based financial system.
If a blockchain platform is established in the financial sector, the number of customer visits to institutions is expected to decrease by half. In addition, it is expected that payments, remittances, and ATM withdrawals will be possible through mobile devices without restrictions on borders, and some analyze that 10% of the world’s gross domestic product (GDP) will be stored as blockchain technology by 2027.
WIZBL explained, “As it acquires a bank with a full bank license, it is meaningful that it has set the stage for demonstration projects such as smart banking, securities, insurance, card foreign exchange, and virtual assets.” WIZBL cited the mortgage evaluation system as an example.
The mortgage evaluation system is basically a method in which when a customer applies for a mortgage loan to a bank, the bank requests a real estate appraiser to evaluate the mortgage asset and examines it based on the results The problem is that when customers visit other banks to find better mortgage products, the same screening is repeated, so duplicate evaluation problems for the same real estate frequently occur.
The introduction of blockchain into the system can increase work efficiency through the sharing of the most recent valuation information through the linkage between real estate appraisers’ asset valuation information and bank mortgage reviewers, and reduce duplicate valuation costs.
According to a report titled “The Future of Blockchain, Key Opportunities and Introduction Strategies 2018-2030” by market research firm Juniper Research(www.juniperresearch.com), financial institutions can save 27 billion dollars (about 30 trillion won) by 2030 by introducing blockchain technology in the financial sector.
According to the results of the study, more than 11% of the bank’s operating costs can be reduced based on online transactions. In the case of the regulatory implementation sector, it is expected to automate the money laundering review process with the blockchain, resulting in up to 50% cost savings within two to three years. Juniper Research said, “The savings will take place over several years because the existing system and blockchain-based services will be used together for a while.”
If a blockchain platform is established in the financial sector, the number of customer visits to institutions is expected to decrease by half. In addition, it is expected that payments, remittances, and ATM withdrawals will be possible through mobile devices without restrictions on borders, and some analyze that 10% of the world’s gross domestic product (GDP) will be stored as blockchain technology by 2027.
WIZBL explained, “As it acquires a bank with a full bank license, it is meaningful that it has set the stage for demonstration projects such as smart banking, securities, insurance, card foreign exchange, and virtual assets.” WIZBL cited the mortgage evaluation system as an example.
The mortgage evaluation system is basically a method in which when a customer applies for a mortgage loan to a bank, the bank requests a real estate appraiser to evaluate the mortgage asset and examines it based on the results The problem is that when customers visit other banks to find better mortgage products, the same screening is repeated, so duplicate evaluation problems for the same real estate frequently occur.
The introduction of blockchain into the system can increase work efficiency through the sharing of the most recent valuation information through the linkage between real estate appraisers’ asset valuation information and bank mortgage reviewers, and reduce duplicate valuation costs.
According to a report titled “The Future of Blockchain, Key Opportunities and Introduction Strategies 2018-2030” by market research firm Juniper Research(www.juniperresearch.com), financial institutions can save 27 billion dollars (about 30 trillion won) by 2030 by introducing blockchain technology in the financial sector.
According to the results of the study, more than 11% of the bank’s operating costs can be reduced based on online transactions. In the case of the regulatory implementation sector, it is expected to automate the money laundering review process with the blockchain, resulting in up to 50% cost savings within two to three years. Juniper Research said, “The savings will take place over several years because the existing system and blockchain-based services will be used together for a while.”
Reporter: Lee Ji-ho