Last updated on September 26th, 2022 at 11:58 am
How Is Blockchain Revolutionising The FinTech Industry?
Blockchain: An Overview
A blockchain is a distributed, digital and permanent ledger that helps record transactions and track assets across the entire network of computer systems present on the blockchain.
The technology has added a new aspect to the fintech landscape and offered huge possibilities to the industry of fintech by making crucial changes to business enterprises.
How Is Blockchain Revolutionising The FinTech Industry?
Undoubtedly, blockchain is the backbone technology that is revamping the FinTech industry.
Below mentioned are the ways in which blockchain technology is revamping the fintech industry.
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Creating a digital identity:
Though banks have a strict KYC check, fraudulent accounts are on a constant hike. Here comes the role of blockchain, where users can manage identity data, share data with others without compromising security, and sign documents digitally.
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No third-party interferences:
There are chances for things to go wrong in case of multiple parties' validations. With blockchain technology in place, payments can reach the vendor directly without any halt.
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Protects from fraudulent activities:
Being decentralized in nature, blockchain technology keeps from providing access to other people. It cannot be altered in any way possible, making every record protected.
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Enhances trade accuracy:
The merging of blockchain technology in the financial sector has rescued traders from troublesome counterparty checks. Through blockchain, the risks associated are reduced, and trade accuracy is enhanced.
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Crypto lending:
One of the USPs of blockchain technology, which helps you hold money without the need of a bank. You can hold the crypto money in digital form with a digital wallet after investing in cryptocurrencies.
Challenges Addressed by Blockchain in FinTech Industry
The blockchain has the power to make business operations secure, transparent, efficient, and democratic.
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Trustability:
When users perform any action on the fintech applications, they are unaware of what is happening on the other side, which creates chaos and anxiety about identity theft. On the other hand, blockchain redresses the problem with transparent working.
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High operation costs:
Time is often considered as money in the financial sector. Blockchain technology reduces the high operational costs by cutting down the time involved and reducing the dependency on third parties.
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Slow process:
The involvement of various third parties in the finTech industry delays the overall process, which results in an unstable business economy. This is another challenge addressed by blockchain technology.
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Conclusion
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