Ever since its initial release, blockchain has proven to be worth adopting across many industries. It is a decentralized ledger technology that is not handled by a single person or community. Blockchain technology works by storing data records in the form of a chain of blocks without any middleman’s need. Since the records stored in blockchain are immutable, it becomes one of the most secure technologies the world has ever seen.
This
security is what the fintech sector has always been longing for. The fintech
sector has been pioneering to reduce transaction costs. Blockchain is the
perfect recipe for eliminating middleman transaction costs. That’s not just the
only blockchain application in fintech; there are many more.
What are the Different Blockchain Applications in Fintech?
With such
trust and security, the blockchain applications in fintech are capable of
completely revolutionizing the industry. Here are some of the primary use cases
that can be easily incorporated into the fintech sector.
1 Transfer without Middlemen
Blockchain applications provide a way to transfer money anywhere across the world at significantly reduced transaction fees. With peer-to-peer transactions, blockchain eliminates all intermediaries taking out all the additional costs.
2 Digital Identity Verification
Blockchain allows end-users to manage their digital identity. Once the registration process has finished, users can quickly transfer funds or data securely using their private keys.
3 Smart Contracts
Smart contracts are one of the best applications of blockchain technology. They are simply a piece of code that executes automatically after meeting the agreed-upon conditions.
4 Trade Finance
Trading has long been a source of additional income for many people. But it requires many middlemen such as brokers, Demat agents, and the stock exchange.
5 Faster Cross-Border Payments
Even if you use another bank’s ATM for withdrawing cash, both the banks have to communicate to check and verify the account status and details, such as the amount available for processing cash withdrawal.
6 Limit Cyber Frauds
Fintech companies handle critical financial data. Hence, even a single breach can cost them a fortune. Blockchain technology’s architecture makes it one of the most, if not the most, secure technologies out there.
7 Secure Data Storage for Auditing
Currently, the audit process and paperwork consume a lot of time. Blockchain technology only allows the addition of new blocks without hampering old ones.
Blockchain
applications in fintech are undoubtedly capable of taking the industry by
storm, and not just that, blockchain is a revolutionary technology regardless
of the industry. Hence, it does not come as a surprise that the demand for
blockchain developers is increasing worldwide.
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