Welcome to the Future of Finance with Blockchain

As an emerging technology, Blockchain still has an uncertain future. Predictions are still both positive and negative about its potential.

Blockchain is a digital, transactional ledger. It maintains identical copies of the same ledger across a series of computers within the same network. Blockchain can help deliver increased security, enhanced data recording, and faster processing to transform the future of finance.

Blockchain works on a distributed ledger model that records every transaction and maintains the chronology and authenticity of that information on a secure global network designed to be tamper-proof. The technology allows transacting parties to interact seamlessly, eliminating recordkeeping activities across procure-to-pay, order-to-cash, and record-to-report processes.

With this promise, blockchain has started to catch the imagination of finance and accounting executives with the possibility of transforming finance and accounting (F&A) operations similar to the ways the internet revolutionized knowledge sharing and collaboration.

Implications for finance

· Increased efficiency from transparent records and a single source of truth

· Enhanced data integrity to reduce loss

· Improved customer experience through faster processing

· Higher availability of capital and lower cost of business

Part of a new future for finance

Blockchain clearly will have significant impacts on the finance function and most organizations will gradually adopt the technology as they envision a new operating model for finance. We anticipate the following key trends:

· Blockchains will connect to existing financial systems

· Blockchains will be a hybrid of private and public ledgers

· The regulatory environment will remain in flux

What are the Blockchain Use Cases in Financial Services?

1. Capital Markets

· Issuance

· Sales and trading

· Clearing and settlement

· Post-trade services and infrastructure

· Asset servicing

· Custody

2. Asset Management

· Fund launch

· Cap table management

· Transfer agency in asset management

· Fund administration

3. Payments and remittances

· Domestic retail payments

· Domestic wholesale and securities settlement

· Cross border payments

· Tokenized fiat, stablecoins, and cryptocurrency

4. Banking and Lending

· Credit prediction and credit scoring

· Loan syndication, underwriting, and disbursement

· Asset collateralization

5. Trade Finance

· Letters of credit and bill of lading

· Financing structures

6. Insurance

· Claims processing and disbursement

· Parametrized contracts

· Reinsurance markets

Such game-changing blockchain applications based on proven technology are considered highly likely. But the timing of adoption is by nature always speculative.

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