Blockchain Blogs

  The digitization and automation of banking and financial services promise greater efficiencies, reduced costs and risks, unlocked coordination benefits, and previously tricky use cases. However, efforts to digitize banking and financial services over the past two decades have been hampered by outdated IT systems that suffer from weaknesses due to inadequate security and lack of interoperability.  Blockchain  enables the digitization of financial services by providing a more secure, transparent, and open data management system that can maintain confidentiality and secrecy when required. Blockchain-based systems improve legacy systems in four key aspects Safety Legacy system Single points of failure increase data security risks. This limits the products and services that financial services companies can offer in-house, forcing them to rely on data intermediaries and inefficient monopoly utilities. Blockchain-based system Providing financial information in a decentralized, consensus-bas