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Cryptocurrencies, or in a broader sense, blockchain technology is considered to be the next thing after the internet was created. The financial sector is one area in which such technologies are likely to have a major impact. As a form of distributed ledger technology (DLT), the blockchain is capable of transforming well-established financial institutions and bringing lower costs, faster transaction execution, improved transparency, and operational auditability. Various blockchain characteristics, such as decentralization, immutability, and transparency, make it attractive to business sectors and domains worldwide.
According to a PwC report, 24 percent of financial managers worldwide are well acquainted with blockchain technology, with North Americans much more familiar than those from other regions. Companies are constantly investigating the wide-ranging implications of technology to find ways to apply blockchains in several sectors. This makes the financial system one of the most successful industries which can benefit from blockchain technology.
When it comes to banks and financial organizations, blockchain can solve many problems. The blockchain technology has all the attractive features of a reliable technology that involves money. Blockchain commonly ensures safe, secure, decentralized, clear, and relatively cost-effective transactions. It also enables users to benefit from the transparent network infrastructure and low operating costs by means of decentralization. These features make blockchain a reliable, promising, and demanding banking and finance industry solution. Most financial and banking organizations cannot do their work without a number of intermediaries, while their involvement makes these institutions’ services much more expensive. The adoption of blockchain will make it possible to eliminate unnecessary intermediaries and provide cheaper services to customers and banks.
Financial institutions carry out the valuable function of keeping the money safe and secure for their customers, and many mediators are required during the process. The interference of these intermediaries actually makes the business more costly. Furthermore, the chances of errors and fraud always increase with the involvement of too many people and manual processes. Blockchain achieves drastic improvements in the financial industry by securing transactions and making the customers’ overall experience more satisfying and cheaper.