What are the uses of blockchain technology in banking?

Although blockchain technology could be applied to many data processing functions, payments and fraud reduction are two areas with immediate traction. Transferring money is currently time-consuming and often requires financial intermediaries. Each of which takes a service charge and is subject to greater regulation and higher costs due to the prevalence of fraud. Blockchain reduces the number of middlemen while increasing security. Which could reduce industry-wide transaction and processing costs by billions. But this reduction in back-office red tape comes at the cost of eroding traditional roles within the financial industry.