The main use case we focus on when examining the possibilities of blockchain for banking is payments. Blockchain could be used as “another way to pay each other, not dependent on SWIFT and other payment schemes.” There is a potential role for blockchain in payments and there is currently an “unprecedented period of change and transformation” underway. Blockchain could bring benefits not only to bank customers, but could also lead to operational efficiencies and cost savings for banks themselves. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get Original EssayHe further said that payment systems collectively are currently under a lot of pressure, as there is an urgency to modernize payments and address safety and security issues following the financial crash of 2008. This has brought in new operators on the market, such as FinTechs, to try to solve these problems using blockchain. The existing payment system has always passed through banks and central banks, a process first put in place in the 1970s and 1980s. In addition to speeding up money transfers, blockchain could also help banks operate continuously, 24 hours a day. This is now somewhat expected by customers who want an omnichannel banking experience at any time of day or night, especially for “millennials who are now firmly in the workforce and want a better, faster and easier way to make payments". Rabobank has been heavily involved in the ongoing development and use of Ripple Lab's Ripple blockchain protocol. In December 2014 it was announced that the three banks had begun testing blockchain technology for making customer payments and cross-border transactions. Ripple said its technology could offer banks a 33% reduction in operational costs during the international payment process and allow lenders to move money “in seconds.” Ripple can be used by banks for an open source approach to payments to replace many of the common intermediaries in the payments industry, thus passing savings on to partner institutions and, therefore, by extension, to their customers. Therefore, blockchain can be used to make real-time payments globally, with real-time execution, complete transparency, real-time fraud analysis and prevention, and also at a reasonable cost. The only problem with Ripple, at the moment, is that it is a proprietary blockchain network that cannot yet connect with other systems. To connect Ripple to other blockchain protocols it will be necessary to develop, test and implement an inter-ledger protocol. Case Study Blockchain and Government Services in Estonia In the government sector, blockchain technology can be used to verify transactions and changes to key ledgers, transaction logs, agreements and any other data, which are normally labeled as inactive data. This term includes all data stored in digital format (databases, spreadsheets, archives, backups, etc.), but excludes all data in progress, to which another label applies: data in use. Traditionally, The main The goal in protecting digital data has been confidentiality: the restriction of access to protected information only to a specific group of individuals. However, this focus may not be appropriate for data protection in the context of democratic governments; the legitimacy of a government may require the.