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Table 2 Comparison of traditional banking businesses, Internet finance businesses, and blockchain + banking businesses

From: Blockchain application and outlook in the banking industry

  Traditional banking businesses Internet finance businesses (FinTech 1.0) Blockchain + banks (FinTech 2.0)
Customer experience Uniform scenarios Rich scenarios Rich scenarios
Homogenous service Personalized service Personalized service
Poor customer experience Good customer experience Good customer experience
Efficiency Many intermediate links Many intermediate links Point-to-point transmission, disintermediation
Complex clearing process Complex clearing process Distributed ledger, transaction = clearing
Low efficiency Low efficiency High efficiency
Cost Large amount of manual inspection Small amount of manual inspection Completely automated
Many intermediate links Many intermediate links Disintermediation
High costs High costs Low costs
Safety Centralized data storage Can be tampered Centralized data storage Can be tampered Distributed data storage Cannot be tampered
Easy to leak users’ personal information Easy to leak users’ personal information Use of asymmetric encryption, Users’ personal information is more secure
Poor safety Poor safety Good safety