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Future Internet 2017, 9(3), 25; doi:10.3390/fi9030025

Banking on Blockchain: Costs Savings Thanks to the Blockchain Technology

1
Department of Electric and Electronic Engineering, University of Cagliari, Cagliari 09123, Italy
2
Department of Mathematics and Computer Science, University of Cagliari, Cagliari 09124, Italy
*
Author to whom correspondence should be addressed.
Received: 3 May 2017 / Revised: 7 June 2017 / Accepted: 21 June 2017 / Published: 27 June 2017
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Abstract

This paper looks at the challenges and opportunities of implementing blockchain technology across banking, providing food for thought about the potentialities of this disruptive technology. The blockchain technology can optimize the global financial infrastructure, achieving sustainable development, using more efficient systems than at present. In fact, many banks are currently focusing on blockchain technology to promote economic growth and accelerate the development of green technologies. In order to understand the potential of blockchain technology to support the financial system, we studied the actual performance of the Bitcoin system, also highlighting its major limitations, such as the significant energy consumption due to the high computing power required, and the high cost of hardware. We estimated the electrical power and the hash rate of the Bitcoin network, over time, and, in order to evaluate the efficiency of the Bitcoin system in its actual operation, we defined three quantities: “economic efficiency”, “operational efficiency”, and “efficient service”. The obtained results show that by overcoming the disadvantages of the Bitcoin system, and therefore of blockchain technology, we could be able to handle financial processes in a more efficient way than under the current system. View Full-Text
Keywords: blockchain; banking; efficiency; energy consumption; sustainability; Bitcoin blockchain; banking; efficiency; energy consumption; sustainability; Bitcoin
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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MDPI and ACS Style

Cocco, L.; Pinna, A.; Marchesi, M. Banking on Blockchain: Costs Savings Thanks to the Blockchain Technology. Future Internet 2017, 9, 25.

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