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Blockchain Technology in Financial Institutions and Banking

Team Bitcoin Daily



The financial system has evolved from analyzing traditional ledgers to providing digital solutions such as online banking and mobile applications. It is not surprising that commercial banks around the world are entering the race for the latest technology in vogue: Blockchain. Financial institutions are increasingly betting on this technology to revolutionize the financial system once again.

Banks and financial institutions are so interested in blockchain the lies of the banking system’s competitive nature and the growing demand for faster and more efficient service. To keep pace with society, which increasingly seeks to see its needs met instantly, financial institutions seek to adapt to the demand for greater agility, new products, and services. However, the sector’s own needs, such as security, continue to be a priority and a challenge in the face of the threat of cybersecurity and hacking.

What is blockchain?

The blockchain is often described as a decentralized ledger or a replicated database on a peer-to-peer network. In other words, this technology is essentially a new type of storage that allows all of its users to share a database and make modifications safely.

Unlike other more traditional options, the data has been duplicated thousands of times through a decentralized computer network (the peer-to-peer network ) independently in this storage system.

With this public and decentralized network, transactions are protected and carried out under a total privacy blanket. Data protection is achieved through the encryption of information in the transaction link. These transactions are based on digital accounts or wallets that grant participants anonymity through their digital identity.

The system works under the participants’ consensus, conditional on each version of the data corresponding in its entirety with the information shared in the database. This eliminates the need for a central authority and puts the control in the participants’ hands, which means that any inappropriate modifications to the database will be immediately detected by all participants, turning this process into an immutable auditing mechanism.

Blockchain technology, also known as the blockchain, was developed as an underlying technology of bitcoin that aimed to record and verify the cryptocurrency transactions. The blockchain has achieved its own place thanks to its potential as a disruptor of the centralized system and streamlined more complex processes. Although bitcoin’s evolution has been erratic, other cryptocurrencies are also gaining attention thanks to this technology and the advantages it offers. To stay updated with blockchain and cryptocurrency news you can find relevant content here.

Blockchain can achieve this thanks to the nature of its design: a collection of distributed, shared, secure and immutable blocks. Each block of information is distributed to all the participants (nodes) in the network, which guarantees a replica to prevent data’s undue alteration. For a transaction to occur, its validity will have to be verified by each of the network nodes, and the information will be registered and shared transparently within the chain.

This is what makes blockchain attractive to financial institutions. To understand how blockchain will fit the modern world’s needs, it is worth taking a step back and analyzing the relevance of this technology in various sectors of the economy.

Who is using blockchain?

The World Economic Forum estimates that the blockchain stores only about 0.025% of the world’s GDP. However, the expectation is that this figure will increase, with banks, insurance companies, and companies in the technology sector leading the trend.

According to research in PwC’s 2018 Global Blockchain Survey, approximately 84% of the executives surveyed are looking to calculate the impact this technology could have on their businesses. At the same time, global companies such as Amazon, Microsoft, IBM, and Facebook are evaluating possible applications for the blockchain, as well as other financial institutions, such as JP Morgan and HSBC, and other leading multinational companies in consulting and audits, such as Accenture and Deloitte (respectively).

The interest that blockchain technology has generated can be observed in the economy’s various sectors, from finance to health and pharmaceuticals. However, banks are leading the advances in the development and implementation of this technology.

Another example is emerging economies seeking the benefits that blockchain technology offers. Kenya has explored the possibility of providing election results in real-time to build confidence in its electoral process. Meanwhile, Nigeria has adopted Oracle Blockchain Cloud Service in its customs services to support merchandise tracking, automate processes, and increase levels of transparency and trust in the business sector.

Among the advanced economies, Spain seeks to apply the blockchain in the forestry sector for time certification and improve the management of logistics companies’ supply chains. Also, in our country, Valenciaport seeks the application of blockchain technology to get closer to the concept of the smart port.

The use of blockchain in banking

For banking, the blockchain’s use offers potential benefits for the prevention of fraud and even for the elimination of some errors typical of humans. On the technical side, the validation, protection, coding, distribution, and tracking of data and transactions are the main attractions of this technology. The blockchain is already considered a transformative agent for settlement and clearing, international transactions, trade finance, identity verification, and loan management.

Since international regulations do not restrict blockchain technology, its implementation has the potential to transform the banking sector and turn it into a cooperative industry between financial services institutions and Fintech companies and boost digital cooperation and innovation. , the evolution of new business models, and more competitive banking.

Spanish banks and the blockchain

Spain quickly recognized the potential of blockchain, and banks are showing a growing interest in this technology. Below, we present some examples of the advances of Spanish banking based on the blockchain:

In April 2018, Banco Bilbao Vizcaya Argentaria issued the world’s first corporate loan with Indra. The transaction of 75 million euros was carried out with its solution based on blockchain technology. In June, BBVA and Repsol closed the first operation of a credit line for 325 million euros, again through its blockchain network. A month later, the bank issued a 100 million euro corporate bilateral loan for the ACS Group.

Banco Santander and leading company Broadridge Financial Solutions used blockchain technology in March 2018 to vote at a general shareholders meeting. Also, Santander launched via iTunes Pay FX, the world’s first application for international payments (Eurozone and USA) based on this technology. In the same year, the bank created a blockchain research team to explore its potential in securities trading, including derivatives, debt, and other products.

In that sense, according to Carlos Bernal, Indra’s director of financial services in the country, the blockchain should stop being seen as a threat, to be seen as an opportunity.

How has the financial sector changed?

It is facing a profound change in the model as a consequence of the digital transformation. Phenomena such as platformization, open banking, or the growing demand for advanced digital identity solutions mark this evolution.

However, rather than as a threat, digital transformation should be a fantastic opportunity to improve entities’ cost structure and increase their predictive capacity in terms of risk analysis.

What is the relationship that the financial sector has with technology?

This sector is in the post smartphone era, which requires the creation of a new model of digital relationship with customers and, for this, it is necessary to evolve from a branch centric concept to another customer-centric, and this is not only achieved with the closure of offices and reduction of staff.

How is security approached within the new financial environment?

The digital transaction is one of the processes that best characterizes the new model towards which the bank is heading. That is why the so-called digital identity is presented as a fundamental technology to implement new business models that take advantage of the digital field’s potential.

What is Indra’s role in this sector?

Indra is a leader in the development of technologies for the financial sector in Spain and Latin America. Currently, the top 10 Spanish entities are clients of the company, and it’s Latin American clients represent more than 40% of total banking assets in the region.

The company manages more than 2,000 projects per year for 400 banking and insurance groups in Europe, Latin America, and the Asia Pacific. And it is the leading company in means of payment in the Iberian Peninsula and one of the largest global operators in Latin America.

Additionally, it is a leading operator in digital transformation, whose differential offering aims to achieve immediate and tangible results.

They recently announced their ability to launch 100% digital banking.

We have an innovative, disruptive, and differential offer that allows creating a native digital bank from scratch in record time. In practice, our model enables the financial institution to respond quickly to the challenges posed by the new context, characterized by an unprecedented level of interaction with customers through exclusively digital channels.

What do banks gain from this?

The banks, which count on Indra as a technological partner, enjoy the highest functionality and ability to serve their customers, thus offering a differential service with high added value.

Thus, the banking customer benefits from a personalized and homogeneous user experience.

What is your perspective on the ‘blockchain’?

For us, this technology has a great capacity for transformation in complex scenarios and processes. Several actors have to trust and collaborate since it provides two essential elements for change: more trust and less friction while focusing on information privacy and performance.

How could the ‘blockchain’ boost the financial sector?

This technology can represent significant savings in terms of infrastructure and an improvement in the efficiency of the processes in the back office.

Besides, it is a facilitator for the development of new digital businesses, which lead to the implementation of new business models and the design of new products and services. The blockchain system works like a large ledger or database.

Do you already have experience in this type of technological development?

BBVA and Indra have successfully concluded the first operation that facilitates the negotiation and signing of a corporate loan using blockchain worldwide; this, in line with their close collaboration to transfer the advantages of the most advanced technology to business operations.

How does blockchain technology help in the accounting of people and companies?

One way that the blockchain can represent a step beyond accounting lies in the fact that, instead of keeping separate records based on transaction receipts, parties will be able to write their transactions directly to a common record. These entries are protected with encryption so that falsifying or deleting them is practically impossible.

Will digital accounting be more and more a trend?

Indeed, the blockchain allows us to go beyond digital accounting. Although digitized, the accounting processes always required a neutral mediator to verify the acceptance of the terms of both parties, making the operation possible.

What other uses does the ‘blockchain’ have?

Despite the advances of the blockchain, financial transactions continue to transit mainly through networks and infrastructures that were built half a century ago. The operating systems of banks were designed on network protocols that are not current.

Therefore, it is not plausible that replacing banking and interbank infrastructures from off-blockchain to on-blockchain is imminent, but it should be intensified as of 2020.

But if a bank uses blockchain, there are no risks that the copy of the database on my computer can be compromised?

Blockchains can be public or private databases. If we had a public registry like a property registry, maybe we would like to have a public blockchain. If we are a private entity, we can choose to encrypt the database, and the encryption system is protected by the collective power of the connected computers. To this day, the world does not know a safer protection system than BlockChain. In a public BlockChain, such as Bitcoin, you can see the history of the transactions, but the two parties’ entity is secret.

In addition to security, Bitcoin offers other benefits. Since each piece of information has a unique identifier, a user’s ability to “double pay” is eliminated. In other words, if I have a digital photo and I send it to my friend, in the world of Bitcoin, the photo cannot be copied, and it is transferred from me to my friend. Bitcoin also offers to speed up transactions and lower costs by eliminating the burdensome part of verifying transactions. Electronic money, financial products, even physical property, can be registered in a BlockChain, eliminating the need for many red tape and lawsuits to determine who is the “real” owner of something.

As a new technology, BlockChain is still being tested and explored to determine its best uses. As JPMorgan Chase and Goldman Sachs, along with bags as NASDAQ, banks are investigated the potential of BlockChain (a technology whose source code is free and available for anyone to download person). In short, BlockChain could represent the next wave of innovation in the financial sector. Is your bank considering how to use it? What other uses could we give to BlockChain? Leave your ideas in the comments section.

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$PRICK is the new PEPE: get a 75% token bonus ahead of the listing on OKX

Crypto Chain Wire



$PRICK on Solana already has a community of 1 million users, an NFT collection with a 75% cashback for holders, and a Telegram game with a 200 SOL monthly prize pool. With several major CEX listings coming starting from July 22, $PRICK is ready for a fast expansion.

The incredible rise of $PRICK: from a meme to an ecosystem with NFTs and a clicker game

$PRICK stands for Pickle Rick, and it’s one of the most talked about memecoin ecosystems on Solana. What started as a fun meme quickly became an ambitious project boosted by its passionate community of almost 1 million users, including 240 thousand on X (Twitter) and 740 thousand on Telegram. 

So successful is $PRICK that at least three major exchanges have already agreed or tentatively agreed to list it, including OKX, BingX, Bybit, and BitGet.

What is it about $PRICK that makes users pick it over hundreds of other memecoins on Solana? There are multiple factors, including fair token distribution; very good price performance; a game with large prizes in SOL and $PRICK; and NFTs that make holders eligible for a raffle and a 75% cashback.

Robust and fair tokenomics

  • The team has burned all the initial LP tokens, then renounced contract ownership;
  • 10% of the circulating supply was purchased in the open market and locked to finance CEX listings, community airdrop, and token burns;
  • There is no tax on buying, selling, or sending $PRICK;
  • The rest of the 1 billion $PRICK supply is released smoothly at the rate of 1% a month. 

Positive price dynamics and potential

Since its DEX launch at the end of May, $PRICK has never gone below the initial listing price – something that very few Solana memecoins can boast of. At the same time, the price currently sits 70% below the ATH, creating an interesting opportunity for buyers ahead of the scheduled listings on OKS, Bybit, and BingX. 

Telegram clicker game

$PRICK is one of the first memecoins to launch its own Telegram clicker game, inspired by the success of Hamster Kombat and Notcoin. As players earn points and complete tasks, they climb the leaderboard and compete for a share of the monthly 200 SOL prize pool and large bonuses in $PRICK. 

Mint one of the 101 NFTs to get 75% back in $PRICK and a ticket for the 1,000 SOL raffle

Pickle Rick’s exclusive NFT collection was launched on July 15 and features only 101 NFTs, each with a unique hand-drawn design of the title character, Pickle Rick. The main advantage of holding a Pickle Rick NFT is a massive 75% cashback in $PRICK that each holder will receive once the token is listed on OKX or Bybit on July 22. 

 Moreover, upon the listing on Bybit, the project will hold a raffle for all its NFT holders with a prize pool of 1,000 SOL. 

The cashback is calculated as 75% of the mint price of 12 SOL, translated into $PRICK at the exchange rate on July 22 (the listing day). As of the time of writing, part of the collection is still available to mint, but users should act quickly so as not to miss this opportunity. 

OKX and other major CEX listings coming soon – and where to buy $PRICK right now

The team of $PRICK has successfully negotiated with several large crypto exchanges to list the token. The series of listings is scheduled to start on July 22 with OKX, followed by $PRICK launch on BingX, Bybit, and BitGet. 

The news of each new listing can cause a significant surge of the $PRICK price. Ahead of the listings on these major platforms, users can already buy $PRICK on the following exchanges:

Raydium (Solana): $PRICK/SOL, contract address 6zoshtkmyX4kRFg3p152yV2bPssxeYdNvW3c6EVCE4UP


In less than two months, Pickle Rick ($PRICK) has built one of the most active meme ecosystems on Solana, with hundreds of thousands of loyal followers, a generous system of incentives, NFTs, and even a game. This is just the beginning, however, as the team promises even more bullish news in the coming weeks. 

Follow $PRICK on social media

Official website

X (Twitter)



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4 Low-Cap Meme Coins to Watch for 2024

Team Bitcoin Daily



Traditionally, meme coin season follows a surge in Bitcoin (BTC) prices, followed by Ethereum (ETH) and large-cap altcoins like Solana (SOL) and Avalanche (AVAX). This year, meme coins are garnering more attention than ever. Leading the pack are Dogecoin (DOGE) and Shiba Inu (SHIB), along with newer contenders like Bonk Inu (BONK), Wifi Coin (WIF), and Pepe Coin (PEPE). With potential factors like interest rate cuts and the US presidential election in the latter half of the year, Bitcoin and Ethereum could see significant gains, possibly ushering in a new meme coin season. Early investments in undervalued meme coins could yield substantial profits. Here are five promising low-cap meme coins to watch:

1. Dogecoin20 (DOGE20): The Cleaner, Greener Doge

  • Following a successful presale, Dogecoin20 (DOGE20) has surged 50% since launch and listed on decentralized exchanges (DEXs) earlier than expected. Built on the Ethereum blockchain (ERC-20), DOGE20 offers faster transaction speeds, lower fees, and an energy-efficient Proof-of-Stake (PoS) mechanism. DOGE20 also integrates staking rewards, encouraging long-term investment. With Bitcoin’s halving expected to limit supply and increase demand, and Doge Day adding cultural significance, DOGE20 is well-positioned for potential gains. As of July 9, 2024, It’s market cap stands at $2.2 million

2. KittyInu (KITTY):

  • Blockchain: Ethereum
  • Features: KittyInu is a meme coin with a cute cat theme, enjoying strong community support. The project engages in charitable activities, building a positive image, and expands its user base through various marketing campaigns. Recent upward trends have attracted more investor interest.
  • Potential: KittyInu’s focus on charity and marketing, combined with strong community backing, positions it for significant growth. As of July 9, 2024, It’s market cap stands at $1.9 million

3. Slothana (SLOTH): A Sleepy Success Story on Solana

  • Launched in April 2024, Slothana ($SLOTH) quickly gained attention in the Solana meme coin market. Utilizing Solana’s fast transaction speeds and low fees, Slothana has attracted developers and investors. The limited presale window, ending on April 29th, and endorsements from notable crypto figures like ClayBro have further fueled interest. As of July 9, 2024, Slothana’s market cap stands at $13 million, highlighting its growth potential.

4. Pigcoin (PIG): Leading Meme Coin on Polygon

  • Pigcoin (PIG) is the leading meme coin on the Polygon chain, boasting over 500,000 holders and ranking first on the chain by holder count. Launched in December last year, Pigcoin is listed on Mexc and, with plans for additional listings. With a total supply of 3 trillion coins and 96% currently in circulation, Pigcoin’s market cap is only $4 million, indicating its undervaluation and potential for up to 100x gains. Pigcoin’s strong community and active listing efforts enhance its growth prospects.

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SAFLE identity wallet unveils roadmap and raises funds at  a $77M valuation

Team Bitcoin Daily



Identity wallet project SAFLE has undergone a major overhaul under the leadership of Apoorv Shankar and noted blockchain expert Shikha Mehra. With a valuation of $77 million, the Web3 startup is planning new AI and cross-chain features and gearing up for $SAFLE listings on leading exchanges in July 2024. 

The exit of the previous management under Abhimanyu Kashyap has paved the way for a new leadership, bringing with it a restructured cap table and a vision for an exciting chapter in SAFLE’s journey.

SAFLE is back in action and going from strength to strength in 2024

SAFLE, a self-sovereign identity protocol and non-custodial wallet, first gained prominence in 2021 when it raised at an average valuation of $35 Million USD from leading VC funds like Draper Dragon, Woodstock, GSR, CryptoOasis, and Mapleblock, as well as angel investors like Polygon’s founder Sandeep Nailwal, former EU Parliament member Tony G and many more. The protocol’s multichain identity wallet and SafleID allow users to manage assets on 10+ blockchains through a single human-readable username.

In 2024, SAFLE successfully secured additional private funding from investors based in the Republic of Ireland through equity and token sales, achieving a combined valuation of $77 million USD. This financial backing will accelerate SAFLE’s expansion plans, including multiple listings on centralised exchanges. SAFLE’s journey has been marked by resilience in the face of challenges that could have derailed even the most ambitious projects. The fact that the company is now thriving and its market valuation is constantly growing is a testament to SAFLE’s ability to adapt to the constantly changing Web3 environment.

Apoorv Shankar, who now leads Technology and Product Vision at SAFLE, has been building cutting-edge products across IoT, AI, and Blockchain since 2013, demonstrating exceptional expertise in the convergence of technology and finance. Shankar has been joined by Shikha Mehra, head of a well-known Web3 consulting firm, who now presides over the Strategy and Governance arm at SAFLE. 

Shikha Mehra’s expertise has been sought by entities as varied as the OECD, the UK Government (F&CO), ECB, and Indian Chamber of Commerce (ICC). She  assisted the  European Economic & Social Committee in drafting MiCA, as well as helped St Lucia in the Caribbean to plan new crypto-friendly legislation.

SAFLE product roadmap is set to transform Web3 experience

In the past few months, SAFLE has expanded its in-house development team with top-tier specialists in blockchain technology, AI, and cross-chain integrations. They will work on delivering new cutting-edge features, including:

  • AI: Artificial Intelligence will be used to enable account abstraction, transaction execution, and data analysis;
  • SSI (onchain identity);
  • Seamless pseudonymous onboarding;
  • New chain integrations, with a focus on Bitcoin’s emerging L2 ecosystem;
  • Enhanced DeFi support, including a web portfolio viewer, unified portal for connecting to dApps, as well as in-wallet access;
  • Cross-chain features, including swaps, bridging and transactions;
  • UX improvements, such as advanced recovery options and a Wallet Connect integration;
  • Intent-based architecture: a new approach to Web3 transactions, where the SAFLE app automatically determines the best execution path to fulfil the user’s intent, rather than prompting the user to specify all the parameters. 

A Vision for the Future

The new Strategy & Governance Head Shikha Mehra says, “I admire the team of SAFLE for their resilience in the times of crisis. Even in the depth of the bear market, they have maintained a clear vision of what they wanted to bring to Web3: the best self-sovereign cross-chain identity solution out there. ‘Keep building’ may be a common blockchain trope, but it fully applies to SAFLE – and I am really proud and excited to be leading the team on the next stage of this journey.”

The next major step in the new roadmap is the listing of $SAFLE on leading centralized exchanges, scheduled for July. These will be accompanied by a host of new partnerships. 

Stay up-to-date with listing announcements and $SAFLE development news via X (Twitter), as well as the official website.

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