BLOCKCHAIN POSSIBILITIES TO TRANSFORM FINANCIAL SERVICES?


Blockchain has generated a lot of interest from the financial services institutions that are bent on exploring applications for the distributed public ledger technology for various purposes like recording, clearing and settling transactions.

Blockchain has the potential to serve as a substitute to the present infrastructure essential for building institutional trust. The shared public ledger practice can serve as a trusted intermediary, validating transactions and instilling assurance and confidence to all the parties involved. The technology has the capabilities to transform long-standing business processes.


Blockchain has the potential to serve as a substitute to the present infrastructure essential for building institutional trust. The shared public ledger practice can serve as a trusted intermediary, validating transactions and instilling assurance and confidence to all the parties involved. The technology has the capabilities to transform long-standing business processes.

Ensuring Trust in Real Time


A huge number of transactions occur every day across borders in the form of bank to bank, business to business or even peer to peer remittances. Execution of these transactions can become cumbersome if done through transitional methods as they involve a number of intermediaries.

Blockchain creates value with its ability to settle transactions in real time.

We enable financial institutions to send and receive cross-border, cross-currency payments efficiently by connecting banks distributed financial ledger technology. Real time, immutable transactions help mitigate duplicity, fraud, foreign exchange, credit and counterpart risks.

One use case of Blockchain for financial institutions is the Loyalty Program App, RewardX that we have developed for banks so that they can better engage with their customers in real time. Customers can accrue and see reward points in real time and redeem rewards through the blockchain network.

Applications of smart contracts of the blockchain technology has the potential to solve a number of business problems.

In the future, a digital infrastructure for the financial services would be seen. Blockchain technology would replace the manual and cumbersome processes for example in the issuance and exchange of shares in private companies, company registrations, voting systems, public pension registrations among others.