6 Ways Blockchain is Changing the Financial Industry
Over the past few years, the finance industry has witnessed dramatic shifts, thanks to the constant evolution in technology. Today, everything from opening a bank account to sending money to another country can be done within clicks online. However, certain challenges still prevail that could make the sector vulnerable to data breaches and sluggish processes.
Blockchain is a disruptive technology that promises to solve the issues and make the industry ready for future challenges. The technology has the potential to bring down costs, facilitate faster execution of transactions, improve transparency, and provide other benefits. Here are six benefits of blockchain that we have discussed in the article.
1. Authenticating Identity
2. Moving Value
3. Storing Value
4. Lending Business
5. Funding and Investing
With all these advantages, blockchain as a technology poses numerous opportunities in the finance sector. However, blockchain is still in its infancy and relatively new to many small and medium enterprises. Tech giants are experimenting and researching with the technology in order to bring solutions, and worldwide adoption of blockchain is yet to be seen. Read the complete article here to know how blockchain can actually change the world of finance.