Coins related to data storage (e.g., Filecoin, Siacoin, Storj, Arweave) can be beneficial for the new banking system due to their ability to provide secure, decentralized, and efficient data management. In the era of digital transformation, the banking system needs reliable solutions for data storage and processing. Here’s how such coins and technologies can be helpful:
1. Customer data storage
Banks process huge volumes of customer data, including:
• Personal data (identification, credit reports, etc.).
• Transactions.
• A history of loans and credits.
Decentralized storage systems can provide:
• Privacy: Data is encrypted before uploading and distributed across network nodes, reducing the risk of leaks.
• Reliability: Data is stored on numerous independent servers, increasing resilience to failures.
Example: Blockchains like Filecoin can serve as a foundation for secure data storage of bank archives.
2. Compliance requirements
Banks are required to comply with strict regulatory requirements (e.g., GDPR, PCI DSS). Decentralized storage systems help:
• Tracking data access: Blockchain records every attempt to access or modify data.
• Simplifying audits: The transaction history is transparent and immutable.
3. Reducing operational costs
Traditional centralized data centers are expensive. Decentralized data storage platforms:
• Provide low costs by utilizing existing resources (free space on users' hard drives).
• Eliminate the need for costly server maintenance.
Example: Sia and Storj offer storage costs that are significantly lower than AWS or Google Cloud.
4. Data for artificial intelligence and analytics
Banks actively use big data for:
• Risk assessments.
• Personalized product offerings.
• Fraud detection.
Decentralized storage allows for the storage of vast amounts of data and facilitates its secure use in analysis and AI model training.
5. Improving cross-bank operations
Data sharing among banks (e.g., for verifying customer identity in international transactions) requires a trusted environment. Decentralized storage:
• Create shared databases accessible to all ecosystem participants.
• Reduce dependence on intermediaries.
Example: Arweave, with its permanent data storage, can be useful for creating archives that banks and regulators can access.
6. Integration with CBDC and ISO 20022
#ISO
The implementation of central bank digital currencies (CBDC) and the ISO 20022 standard requires:
• Secure storage of transactional data.
• Scalable solutions for data processing.
Coins for data storage can:
• Ensure long-term storage of transaction data.
• Support systems that operate in real-time with ISO 20022 financial messages.
7. Ensuring resilience to cyber attacks
Centralized storage often falls victim to attacks. Decentralized solutions:
• Distribute data across multiple nodes, making them less vulnerable.
• Simplify recovery after attacks.
8. Tokenization of assets and smart contracts
Data storage related to asset tokenization (e.g., digital bonds, stocks, real estate) can be implemented using decentralized solutions:
• Archiving smart contracts: Coins like Arweave can store an immutable history of all transactions.
• Proof of ownership: Data about the owners of tokenized assets is securely stored in decentralized systems.
Real-world application examples
1. Financial archives: Arweave is already used to create permanent data storage.
2. Decentralized ID systems: Using storage to ensure the safety of customer identifiers (e.g., in credit bureaus).
3. Data infrastructure for banking APIs: Sia and Filecoin can serve as storage for data transmitted via APIs.
Thus, coins related to decentralized data storage offer the banking sector solutions to enhance security, efficiency, and compliance.
regulations. They can become key elements of the new financial infrastructure.
