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Blockchain Technology & Financial Institutions

Blockchain technology is the advanced technology nowadays. Get details about various perspectives of blockchain technology & financial institutions.

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Blockchain Technology & Financial Institutions

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  1. BLOCKCHAIN TECHNOLOGY & FINANCIAL INSTITUTIONS

  2. Highlights • What is Blockchain? • Blockchain in Finance • Benefits to Banks & Other Financial Institutions

  3. What is Blockchain? • Blockchain is a database. It contains records of the assets held by the participants. • Blockchain can be private or public. • The public blockchains can be accessed by anyone and are not controlled by any authority. • Private blockchains can be accessed by only the participating group of people.

  4. Blockchain in Finance • Nowadays, bitcoin investment is very popular. • Although blockchain was viewed as a threat to the traditional financial service sector, people have realized that both systems have their own advantages. • Banks and other lending institutions are now looking to employ blockchain to upgrade and improve their services.

  5. Benefits to Banks & Other Financial Institutions • Curbing Fraud - Nearly 45% of financial institutions in the world have experienced some form of fraud. - Thus they are highly susceptible to instances of cybercrime. - Blockchain technology may provide some measure of protection to financial institutions & financial service providers from financial fraud.

  6. Continued… • Know Your Customer (KYC) - In order to check money laundering, Anti Money Laundering (AML) regulations have made it compulsory for financial institutions to collect customer data. - Due to an exponential increase in population, and thereby customers, financial institutions are facing rising costs of filing KYC. - With the blockchain technology, the KYC data filed by one financial institution can be made readily available to other institutions.

  7. Continued… • Smart Contracts - Blockchains have the capacity to not only store data but also to store code. - A code can be set up in order to reduce the complexity of transactions. This code is known as a smart contract. - It could initiate certain transactions automatically

  8. Continued… • Trade Finance - Trade financial paperwork perhaps remains one of the most archaic procedures of the finance world. - This process sometimes takes longer than the trade itself. - Trade finance is supposed to be one of the most important applications of blockchain. Blockchain can make the same information available to all those who require it through a distributed database.

  9. Continued… • Smart Assets - Managing assets of customers and of the institution itself is a very challenging job. - Blockchain would allow digitisation of all this data. It could, to some degree, allow automation in maintaining these records as well.

  10. Continued… • Smart Assets - Managing assets of customers and of the institution itself is a very challenging job. - Blockchain would allow digitisation of all this data. It could, to some degree, allow automation in maintaining these records as well.

  11. • Financial institutions have realized the potential of blockchain technology to provide transparent, efficient and cheap modes of transactions and other processes. • They are backing startups financially and are investing heavily in the future of blockchain technology.

  12. For more details, please visit- https://toponlinetool.com/blockchain-technology-and-financial- institutions/

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