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Blockchain: magic potion for Fintech companies

Taher Ahmed Chowdhury, the Deputy Managing Director of Islami Bank, is a 30 years experienced personality in field of IT and is therefore also the Head of Information & Communication of this bank. He has also played the role of Executive Vice President & CIO of first security of Islami Bank.

Mr. Taher Ahmed Chowdhury’s resume reveals that apart from completing MBA from IIUC, he have also mastered the International Project Managing from AAPM, USA, after which he finally mastered in Information Technology from Institute of IT from Jahangirnagar university. He, for the quest of knowledge, has also earned professional/global online certifications on MCP, MCSE and CCNA from Microsoft & Cisco, USA. Recently he has received CISSO (Certified information Systems Security Officer) from Miles2 of USA.

With such high qualifications in the field of IT, in 1986, he started his career as the Hardware Engineer of Beximco Computers Ltd. After sometimes, he took a break from Beximco and joined as a Radio Electronic Instructor in the Marine Academy of Chittagong (under Ministry of Shipping) in 1993. However, he joined back Beximco in 2000 as the Senior Network Engineer. Later, after a certain time, he finally shifted his career to banking and joined as the Assistant Vice President of IT division of IFIC Bank. He worked there before he finally became a part of Islami bank.

Blockchain is not a new technology for people but surely kind of unknown figure to some. Blockchain, actually a digital ledger where transactions are made for bitcoin or other cryptocurrencies that recorded chronologically or publicly has already been known. So this technology will hit everywhere around the world today or tomorrow. The wide dissemination of blockchain in recent years has contributed to that the management of many banks and financial associations no longer deny the probablity of blockchain technology.

A study conducted by the Accenture consulting company (specialized in strategic planning) shows that blockchain is going to play a vital role in the success of financial companies in the near future. Accenture analysts have found that the world banking sector will save up to $20 billion by 2022 through implementing blockchain.

Continual problems faced by banks and financial institutions blockchain technology can solve the core ones of them. It has many remarkable characteristics that make it as striking as Linux for its transparency and Skype for its voice over IP protocol when they were first introduced. Since blockchain tech delivers an extreme level of safety in storing or transmitting data, transparent network infrastructure and low cost of operations, those impressive features make blockchain a really capable and in-demand solution, even in the conventional and restricted bank industry.

True that many of the financial companies or credit institutions are unable to carry out their work except necessary mediators and their involvement make the services for these companies more expensive. Blockchain’s materialization must enable superfluous mediators to be abandoned and provide cheaper services to the banks and customers. The main areas in which banks and other financial institutions will be able to implement blockchain technology are reducing costs and making bank-to-bank and international transfers faster.

As it is said before, may it be believable or not blockchain technology will take over the power by hook or by crook. This technology has disseminated the point of being a dreamy idea for the banking or fintech sectors is already being implemented and business will of course be benefitted in near future with this technology in its processes. May it be ridiculous to think of blockchain, it is definitely the panacea for fintech companies.

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