Blockchain Technology in Banking & Finance

Immutable, decentralized and secure. Those are the core features flaunted by blockchain technology. Popularly known as a “public ledger”, it can be viewed by multiple parties from different geographic locations. Blockchain can store a wide range of information such as the date, time and amount of transactions. The data stored is secured by cryptography. Any changes to be made in the data requires a private key. Changes that are made will create copies of the saved data while retaining the original file. This can secure the banking industry from succumbing to exploits. Blockchain’s “digital ledger” like features assimilates a wide array of data into one source, therefore deeming paper-intensive trade unnecessary.

Blockchain technology aids the banking and finance industry in the following ways,

• Prevention of Fraud - As blockchain technology is decentralized, secured by cryptography and circumvents the need for intermediaries, it drastically prevents fraudulent activities from occurring.

• Reliable Automation - Blockchain provides trustworthy automated features such as KYC.

• Universality - The need for paper-based trade is eliminated as trade can be seamlessly accessed from any location through blockchain.

• Elimination of Transaction Fee - As blockchain functions peer to peer without a middleman, it annihilates transaction fees.

Blockchain is a promising technology that will revolutionize the banking and finance industry with its array of most desirable features. At Blockchain App Factory, we provide industry-standard blockchain solutions for various industries including banking & finance.