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Impact of Blockchain on Financial Services

The sudden surge and decline in the value of Bitcoin suddenly made blockchain technology a hot debated topic. As an open and distributed ledger, blockchain technology records cryptocurrency transactions between two parties in a secure, verifiable, and permanent way. As its name indicates, the technology is actually designed as a chain of blocks. Each block contains both transaction data and a timestamp. Also, it contains a cryptographic hash of the previous blocks.

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Impact of Blockchain on Financial Services

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  1. Impact of Blockchain on Financial Services

  2.  The sudden surge and decline in the value of Bitcoin suddenly made blockchain technology a hot debated topic.  As an open and distributed ledger, blockchain technology records cryptocurrency transactions between two parties in a secure, verifiable, and permanent way.  As its name indicates, the technology is actually designed as a chain of blocks. Each block contains both transaction data and a timestamp. Also, it contains a cryptographic hash of the previous blocks.

  3.  Hence, no user can modify the list of records without modifying multiple blocks. But they can easily access the distributed and digital ledger managed by a peer- to-peer network without any restrictions.  As block chain technology keeps transactions data unalterable, it is currently being used by both banks and non-banking financial companies to store and exchange unique monetary data in a secure and efficient way.  Within a short span of time, blockchain technologies have already started transforming various financial services. Lets understand the impact of Blockchain on financial services.

  4. Assessing Impact of Blockchain on Financial Services Combating Financial Crimes A large percentage of banks and financial institutions still rely on centralized databases. The centralized databases are more vulnerable to targeted security attacks than distributed databases. Also, a single data breach enables the cyber criminals to access all financial records and customer data stored in the centralized database. Many financial institutions have started used blockchain to store financial data in a permanent and unalterable way. As a distributed ledger, blockchain further helps the financial institutions to eliminate chances of financial crime and frauds.

  5. P Pr ro oce Most financial institutions explore ways to process both local and global payment quickly and efficiently. They even look for ways to reduce cost of processing transactions that involve multiple parties – buyers, sellers and banks. Blockchain enables financial institutions to process payment in a faster and more secure way. Also, the technology helps financial institutions to curtail overall payment processing cost significantly. Many financial institutions are already used blockchain-based solution to address common payment processing challenges. cess ssin ing g P Pa ay ym men ent t S Sec ecurel urely y

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