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 * * 3 days ago
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   * 2 min read




WHY FINANCIAL INSTITUTIONS WILL BE BUILDING THEIR OWN LAYER 1 BLOCKCHAINS







It is difficult to predict with certainty what will happen in the next 5 years,
especially in the fast-moving world of blockchain technology. However, it is
likely that financial institutions will continue to explore the potential uses
of blockchain technology, including the development of their own "layer 1"
blockchain systems.






There are several reasons why financial institutions may be interested in
building their own layer 1 blockchain. First and foremost, blockchain technology
offers a high level of security and immutability, which are crucial for
financial transactions. By building their own layer 1 blockchain, financial
institutions can have more control over the security of their transactions and
ensure that they are conducted in a transparent and verifiable manner.






In addition, building a layer 1 blockchain allows financial institutions to have
more control over the transaction fees associated with their use of the
technology. With a traditional blockchain, transaction fees are typically set by
the network as a whole. By building their own layer 1 blockchain, financial
institutions can set their own fees, which can help to make their use of the
technology more cost-effective.






Another reason why financial institutions may be interested in building their
own layer 1 blockchain is to enable the development of new financial products
and services. For example, a financial institution could use a layer 1
blockchain to enable the creation of digital currencies or to facilitate the
settlement of complex financial contracts in a more efficient manner.






Overall, it is likely that we will see continued interest in the development of
layer 1 blockchain systems by financial institutions in the coming years. While
there are many challenges and uncertainties associated with this technology, it
also has the potential to greatly improve the efficiency and security of the
financial industry.







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