Could Blockchain Have Prevented Scandalous Banking Fraud

Posted by Oodles Technologies on November 11th, 2019

According to blockchain experts, a private blockchain network facilitates permissioned auditors, regulators, and payment processors to access real-time transactions. Had PNB bank implemented a private blockchain solution to reconcile its SWIFT payments then such a fraud would not have happened. Such a solution can immediately detect any malicious transactions from occurring. It can loop in all stakeholders to verify that the payment settlement information is genuine and loan requests are backed by substantial collaterals. In addition, regulators and auditors can also readily access all transaction details from end to end.

With trained machine learning algorithms, blockchain can also provide a solution to detect fraudulent patterns. It can secure all processes with cryptography mechanisms and an immutable ledger. It will make forging documents or information almost impossible while ensuring non-repudiation.

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