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 |