Bangladesh had just entered the digital transaction system, which was already popular in other countries of the world
The knowledge of blockchain is very important in the banking sector and bankers should be aware about using the technology, experts say at a conference on Sunday.
Bangladesh had just entered the digital transaction system, which was already popular in other countries of the world, they said during a Bangladesh Institute of Bank Management (BIBM) roundtable.
BIBM organized the roundtable tilted “Relevance of Blockchain for Banks in Bangladesh” where Bangladesh Bank Deputy Governor and BIBM Executive Committee Chairman SM Moniruzzaman was present as chief guest.
BIBM Chair Prof Barkat-e-khuda chaired the program and BIBM Director Prof Prashanta Kumar Banerjee gave the welcome speech.
BIBM Associate Prof Md Mahbubur Rahman Alam and a four members team a presented a research report in the roundtable.
Deputy Governor Moniruzzaman said: “Bangladesh Bank is playing an important role in managing e-banking as a regulatory organization. It also played an important role in introducing e-payments, e-banking, automated clearing house systems and mobile banking.
“Utility bills, online repatriation and various types of technology-based banking activities have been approved as well.”
Prof Barkat said: “Bankers should first know what blockchain is and how it works. They should know how other countries are benefiting from it.
“Besides, it is very important for the bankers to know how blockchain activities can be controlled. If not, the banking sector of Bangladesh will be lagging behind.”
BIBM Supernumerary Prof and Pubali Bank former MD Helal Ahmed Chowdhury said: “The use of technology in banking sector is increasing gradually. In the era of globalization, we cannot use backward technology. So there is a need for capacity building and adequate security.”
BIBM Superannuation Pfor Md Yasin Ali said: “The use of new technologies has to start right now. The first initiative will be taken by the central bank.”
United Nations Capital Development Fund (UNCDF) Country Project Coordinator Md Ashraful Alam said: “There is always a risk while using new technology. Many do not want to be attached to it. Bankers should know about the blockchain, as a result to get rid of such risks.”
Since the release of Bitcoin software for the first time in 2009, many evolution of blockchain technology has been going on. Digitally Distribute Data (Not Copy) technology created a new type of Internet. Blockchain has been invented only for digital currency Bitcoin, but its probability is being tested in many areas of technology.