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Tag: Blockchain in Fintech

Blockchain in Fintech: A catalyst for future success?

Posted on by Imarticus Learning

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.

 

  • 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. 

 

  • 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. 

 

  • 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. 

 

  • 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. 

 

  • 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  

Blockchain has the power to make business operations secure, transparent, efficient, and democratic. 

  • 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. 

  • 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. 

  • 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. 

Discover Financial Technology Courses with Imarticus Learning

Our financial technology course helps students: 

  • Practical application of learnings to real business problems and scenarios.
  • Get an in-depth understanding of every critical aspect of FinTech along with hands-on training.
  • Stay updated on the latest fintech industry practices by accessing resources powered by research, knowledge, and tech partners such as Rise Mumbai and Automation Anywhere, among others. 
  • Get full-time fintech career-ready by working on group projects and open bookcase study-based tests that test your fintech knowledge and application in a theoretical decision-maker role. 
  • Get access to fintech networking webinars, job boards, and events to leverage your fintech learning fully and unlock career opportunities.  

Conclusion 

Ideal for students with a bachelor’s degree in finance background, this elite Financial Technology Course is bound to take your finTech career to heights you have never imagined!

With the availability of Financial Technology courses online, it has become convenient for learners to gain access to information about each and every element of the FinTech domain. 

For any queries, please do not hesitate to Contact Us or drive to one of our training centers in Mumbai, Pune, Thane, Chennai, Bangalore, Delhi, and Gurgaon. 

Promoting digitization in the commodity industry with blockchain in Fintech

Posted on by Imarticus Learning

Gone are the days when visiting a bank was the only way to make a financial transaction. At present, people can easily make financial transactions with just a few taps on their smartphones. The rise of fintech has helped people make financial transactions while sitting on their couches.

Have you ever wondered what technology stack makes fintech possible? Well, blockchain is one of the primary technologies used by the fintech industry. Many young enthusiasts go for a blockchain certification to enhance their skill set. Read on to know how blockchain in fintech is prompting digitization in the commodity industry.

Role of blockchain for financial technology

Blockchain is among the new-age technologies that are decentralized. Financial transactions in the commodity industry have become more secure with blockchain. The costs incurred by companies in the commodity industry for financial transactions are also reduced with blockchain.

best Fintech courses in IndiaCompanies in the commodity industry have started to realize the worth of blockchain experts. They are proactively hiring individuals that have blockchain certification. Some of the use cases of blockchain for fintech are as follows:

  • Since blockchain is a distributed technology, single points of failure that disrupt the entire system do not occur. There is no work for any intermediatory in a blockchain-powered transaction. The need for transfer agents is reduced since the introduction of blockchain. Blockchain-powered transactions are nearly impossible to be hacked or manipulated. 
  • Blockchain is a shared platform that enhances the transparency of network participants. The best part of a blockchain network is that participants can only see the financial transactions. Under no circumstances, a participant can change the financial transaction on a blockchain network. 
  • Due to its transparency, blockchain helps network participants to collaborate and access financial/transaction data. Opposite parties can come to an agreement quickly due to the transparency of a blockchain network. 
  • You can create tamper-proof software to support your business logic as blockchain offers high programmability. Blockchain also allows businesses to share data selectively to maintain privacy. According to stats, blockchain offers around ten times more cost benefits than other technologies for making financial transactions. 
  • Blockchain is a scalable technology and can adapt if the number of fintech transaction increase considerably. Each company in the commodity industry gets a global reach with blockchain and fintech. If there are periodic surges in the transaction activity, blockchain is capable of handling them.

A company in any commodity industry can go global and indulge in cross-border transactions with blockchain. Products offered by different companies in the commodity market are more or less the same. Different companies in the commodity industry compete for price with each other. When a company reduces costs incurred in making/managing financial transactions with blockchain, it can provide discounts to buyers.

If you are working in the commodity industry, a fintech course with blockchain can help you upgrade your career. Companies in the commodity industry are also focusing on hiring employees that have done a fintech course. Blockchain and fintech experts can help companies in safeguarding their financial transactions.

best Fintech courses in IndiaWhy choose Imarticus’s fintech course?

We offer a PGDM, MBA, and certification course for financial technology. Fintech courses will help you in learning the tools and technologies used in the industry. Among all the technologies used in the fintech industry, there will be a focus on blockchain. We also offer placement support to students who choose our financial technology courses.

You will work on several real-life projects during your fintech course. Not only you will learn industry practices, but also learn job-relevant skills with a financial technology course. Start your fintech course to make financial transactions in the commodity industry secure!

Impact of Blockchain on Financial Services

Posted on by Imarticus Learning

Every now and then, one sees an introduction to new technology. After the outbreak of the ‘Internet’, almost two decades later, a technology that can truly revolutionise the way the financial services industry works has now come into play. The ‘Blockchain’. It is ready to take center stage and from the looks of it will stay under the spotlight for good.

What is Blockchain?

Essentially Blockchain is a technology that assists in cryptocurrencies, it basically takes principles of cryptography and peer-to-peer networking, allowing unique monetary data exchange. To avoid any issues of double spend, by making the data easily asses sable to all individuals in the network. A process is generated through which consensus can be reached, in making any changes if required to the ledger. It is a shared digital ledger.
The advantages or benefits of this technology are immense. To begin with, it offers transparency, traceability, is cost effective, very reliable, simple, eliminates any room for error, speeds up the process and offers a better quality of data.
With such great features, Blockchain will surely have a great Impact on ways it can transform the financial services industry.
Asset Management settlements, usually is a cumbersome process, with the introduction of Blockchain technology, the same process can be simplified. It can provide automated trade cycles, ensuring that everyone involved in the transaction has the same information. In doing so, besides the benefits of cost and accuracy, it could also eliminate brokers.
Claims processing in insurance companies could eliminate challenges like, incorrect claims, documents and legacy in isolation and manual processing. By introducing smart contracts on Blockchain, for transparency and accuracy, it could improve and simplify the risk model for insurances.
Trade finance in a supply chain is one of the most amazing opportunity for the application of smart contracts and Blockchain.
Payments, specifically the global transactions are massive, slow in the process, and costly in the transaction, also not always traceable in its entirety and time-consuming. The blockchain is the ready solution for it eliminating all the said challenges.
Financial companies across are responsible for compliance with a number of requirements.
The introduction of Blockchain will ensure that a single digital source of ID will allow an effortless exchange of documents between banks and external agencies. It is established that Blockchain has immense potential, and if applied correctly can have tremendous positive impact for customers, banks and financial institutions. It is needless to say, that cost cutting in terms of layoffs will be unavoidable as very little intervention is required for operations.
For example, jobs which involve processing and reconciling might fade away. And at the same time, new opportunities in fields like encryption and identity protection will develop. Giving way to a more diverse range of careers which will come into play as Blockchain develops.