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Scope of Blockchain Against Payments Fraud
Payment frauds are the biggest nag to organizations around the world, especially to business-to-business ones. Every financial year the losses in the B2B sector reach billions just because of payment frauds. Businesses strive to find a reliable and secure solution to overcome the same and blockchain seems to be the one. The blockchain is a distributed decentralized ledger supported by cryptography security and immutability features to store data and transaction data. Merging the technology with payments system in a B2B environment would leverage the entities to combat the cyber crimes and also enhance the overall efficiency of the process.
Blockchain network allows suppliers and buyers to enter payment details on their own mitigating the risk of errors and saves the time of both parties. It automatically eliminates third-party intervention and since the blockchain self-authenticates all users the chances of cyber attacks also get reduced to minimal. The details stored by users is immutable and only accessible by the permitted ones which means that suppliers and buyers will have complete control over their data and can restrict its access to required. Every transaction made in the blockchain ledger is stored in the chain itself automatically, giving a track of activities, so even if somehow the frauds are conducted a track of funds will be available. This brings robust trust and transparency among the B2B entities.
Blockchain also supports know your customer (KYC), so if once a user verifies his/her KYC and banking details over the network, repeated verification is not required for the other validated users like banks, buyers, and business partners. Also, the scalability of the blockchain network is high and can be easily scaled to the required standards without even disrupting the existing network. Distributed ledger will also serve as a good platform to share business data securely among the entities without redundancy.
The Blockchain technology applications very few in the market as still businesses are hesitant to share their data for the pilot purpose. Organizations need to leverage the tech for its development and enhancement as ultimately it will benefit them only.