1 / 12

Blockchain Technology & Financial Institutions

Blockchain technology is the advanced technology nowadays. Get details about various perspectives of blockchain technology & financial institutions.

toponlinetools
Download Presentation

Blockchain Technology & Financial Institutions

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. BLOCKCHAIN TECHNOLOGY & FINANCIAL INSTITUTIONS

  2. Highlights • What is Blockchain? • Blockchain in Finance • Benefits to Banks & Other Financial Institutions

  3. What is Blockchain? • Blockchain is a database. It contains records of the assets held by the participants. • Blockchain can be private or public. • The public blockchains can be accessed by anyone and are not controlled by any authority. • Private blockchains can be accessed by only the participating group of people.

  4. Blockchain in Finance • Nowadays, bitcoin investment is very popular. • Although blockchain was viewed as a threat to the traditional financial service sector, people have realized that both systems have their own advantages. • Banks and other lending institutions are now looking to employ blockchain to upgrade and improve their services.

  5. Benefits to Banks & Other Financial Institutions • Curbing Fraud - Nearly 45% of financial institutions in the world have experienced some form of fraud. - Thus they are highly susceptible to instances of cybercrime. - Blockchain technology may provide some measure of protection to financial institutions & financial service providers from financial fraud.

  6. Continued… • Know Your Customer (KYC) - In order to check money laundering, Anti Money Laundering (AML) regulations have made it compulsory for financial institutions to collect customer data. - Due to an exponential increase in population, and thereby customers, financial institutions are facing rising costs of filing KYC. - With the blockchain technology, the KYC data filed by one financial institution can be made readily available to other institutions.

  7. Continued… • Smart Contracts - Blockchains have the capacity to not only store data but also to store code. - A code can be set up in order to reduce the complexity of transactions. This code is known as a smart contract. - It could initiate certain transactions automatically

  8. Continued… • Trade Finance - Trade financial paperwork perhaps remains one of the most archaic procedures of the finance world. - This process sometimes takes longer than the trade itself. - Trade finance is supposed to be one of the most important applications of blockchain. Blockchain can make the same information available to all those who require it through a distributed database.

  9. Continued… • Smart Assets - Managing assets of customers and of the institution itself is a very challenging job. - Blockchain would allow digitisation of all this data. It could, to some degree, allow automation in maintaining these records as well.

  10. Continued… • Smart Assets - Managing assets of customers and of the institution itself is a very challenging job. - Blockchain would allow digitisation of all this data. It could, to some degree, allow automation in maintaining these records as well.

  11. • Financial institutions have realized the potential of blockchain technology to provide transparent, efficient and cheap modes of transactions and other processes. • They are backing startups financially and are investing heavily in the future of blockchain technology.

  12. For more details, please visit- https://toponlinetool.com/blockchain-technology-and-financial- institutions/

More Related