4 Ways Blockchain Transforms The Banking and Finance Industry
Blockchain technology simplifies and secures decentralized transactions and is more capable of supporting cryptocurrencies like Bitcoin, as many payments are rapidly being transformed by blockchain. Shortly, some may find that major financial institutions rely solely on it. Supply chain finance, treasury management, investment banking-related transactions, and small company trade finance are some of the few practical use cases that run solely on blockchain technology. Although the broad adoption of blockchain technology in mainstream business is yet to happen, authorities still need to be clear on handling such sophisticated technology in the finance and banking industries. Blockchain has the potential to save banks up to 30 percent , mainly on infrastructure expenses. With the aid of blockchain technology, even financial institutions may save up to $12 billion a year. What are the Advantages of Blockchain Technology? For some, blockchain technology appears to be a distributed ...