Blockchain is a modern-age
technology facilitating users by organizing simultaneous operations
in all nodes of a network while operating public distributed ledger
system. Its updation is regulated by a consensus of participants in
the system. It provides a non-erasable memory space for information
which means once it is stored, it cannot be erased. It has the
potential to innovate & transform the conventional ways of
businesses and designing new business models. It facilitates to form
a credible partner network with customers by utilizing credible &
traceable data elements secured with cryptography. It enables a
peer-to-peer exchange of data, assets & currencies through
rule-based smart contracts in a comparatively efficient, transparent
& cost-effective manner.
Blockchain is a
decentralized software technology which renders the recording and
monitoring of financial assets and transactions without the role of
any central trust authority like banks. It secures a proof of
ownership by allowing unique digital signatures that ultimately rely
on encryption keys publicly known to everyone on the network as well
as some privately known keys to the owner. To eliminate the risks of
deception & post verification transaction data tampering,
consensus techniques are observed, particularly in complex
algorithms. After creation, automated smart contracts execute without
human intervention in the process. Blockchain platforms are stated
public like Bitcoin, where anyone submits a transaction & takes
part in validating or authenticating other transactions. These
platforms can also be private, where authorization of sharing &
validation of information can only be done by authorized people.
The modern-age payment
systems seek for strong determination and analysis of certain
requirements, the technology should be ready to facilitate with. More
specifically, it must advance the existing processes and must improve
lower transaction times, costs and approaches per payment
transaction. Alongside, it ensures high security terms and
satisfactory regulations required for all participating bodies.
A large-scale implementation
& utilization of Blockchain
Solutions & Technology Services would transform the financial
services and payment systems with a global approach. A change is
observed in the process in terms of required time, thus revenue
models of different financial institutions may become obsolete. This
technology has the potential not only to function payment &
settlement processes in a faster, safer and cheaper way, but also to
reevaluate the complete system of international money transfers.
Although, it still requires further developments and improvements of
properties and major limitations to be addressed to ensure a
widespread usage in future.
In recent years, the
significance of strategic approach in distributed ledger and
blockchain technology has developed seamlessly with continual
interactions and logical activities indulged in all potential fields
of financial services industry. Ongoing advanced researches and
several applications showcases the first probable utilization of the
technology, indulging revolutionary transformations for different
process parts within the industry. An increased number of financial
institutions have participated in implementing and exploring ways of
utilizing blockchain technology in the process.
InnovationM
is leading blockchain solutions provider in India. We leverage our
high capacity, innovation, and customer service to serve
exceptionally well on a large-scale. Our smart investment in emerging
technologies like blockchain, and strong partnerships with prominent
institutions committed in this direction help us to bring our
customers the best of the industry.