Written in partnership with Ascend Agency

The blockchain is a distributed ledger technology created to prevent alteration and fraud. Users of these decentralized ledgers can verify transactions using this technology without requiring a central clearing organization. This is because blockchain transactions occur within a global network of computers.

Each node helps the network’s operation and security by keeping a copy of the blockchain. This distinguishes Bitcoin as decentralized, digital money free from centralized control, censorship, and intermediaries. As a result, many blockchain enthusiasts, including Deepak Thapliyal, have been at the forefront of championing banks to adopt blockchain to help streamline their operations.

Deepak Thapliyal is the founder and CEO of Chain, a well-known company that assists organizations in creating and launching their blockchain. Passionate about the adoption of blockchain, Deepak established Chain in 2014, and the brand stands out as a unique business aiming to present a novel approach for completely private networks secure from hackers or public access.

Chain is also renowned for its affiliations with many well-known global corporations, including Citibank and NASDAQ, the stock exchange that controls and operates most stock exchanges. So far, Chain has partnered with and helped build an on-demand settlement pilot for these banks and Visa to show how effective blockchain can be for their business. This is also a reason why other banks should integrate blockchain and deprecate their old systems.

“Chain has created a very special product designed to fit the needs of institutions. Sequence is a ledger as a service product that enables a client, through our user-friendly dashboard, to deploy a custom blockchain and design specific-oriented technical logic to it to fit any requirement they need. It avoids the need of a third party and public party, while not compromising the benefits that a blockchain offers,” Thapliyal explains.

Thapliyal also believes that major institutions should use this strategy because controlled blockchain technology is their future. For decades, banks acted as the intermediaries for a variety of economic and financial operations, such as facilitating transactions, trade, lending, and processing of payments. As a result, it has become stagnant and slow to adopt change. Thapliyal believes it’s time for the industry to go the blockchain way.

According to him, banks should be able to administer a blockchain based on the unique needs of their clients and tailor it to suit their business model. Additionally, using a public network is much less effective and is most likely not in the institution’s best interests. If institutional adoption of private blockchains became widespread, the economy can be completely transformed.

Thapliyal also wants others to understand that since each blockchain transaction is verified by cryptography, adopting a private blockchain will enhance security, reduce expenses, and increase transfer efficiency. These private networks can also be subject to guidelines and security specifications, making them ideal for stock exchanges that handle numerous transactions.

Though there is uncertainty about the next blockchain trajectory, Deepak Thapliyal is confident that the technology will only improve. The Chain team is working hard to champion a commonality in banking and trade that will help drive the future of blockchains.