How Blockchain is changing Finance Industry?
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- Updated On:19-Feb-2021
- Replies:1
Short Answer
Blockchain happens to be a decentralized system that is far more secure and reliable. With its application in the financial sector, the banking system, and insurance companies, it will play a robust role in keeping all data and records secure. Moreover, the part of cryptocurrency is also a crucial factor to be considered.
Detailed Answer
"Blockchain" the underlying technology for cryptocurrency has been the talk of the town recently. The huge crypto wave i.e. Bitcoin craze has taken the financial markets by surprise. Bitcoin is just one use case of this blockchain technology. There are a number of use cases of this globally distributed ledger.
Hence, there's a lot to know about this fast emerging technology.
Here, you shall know about one use case i.e. blockchain and finance.
How blockchain is changing the financial industry or is ready for it?
1. Cryptocurrency:
This has surely disrupted the financial markets. The use and acceptability of altcoins in some countries has made it even more popular. It is entering the payment system at a much faster pace than it was thought to be. While some other countries have plans to regulate it.
2. Banking system:
The global banking system is another area which is significantly getting affected by blockchain. A good example is popular cryptocurrency called "Ripple" that easily connects payments across different networks.
3. Insurance sector & Other Financial institutions:
Blockchain technology, a digital revolution that is changing the world and its impact on the financial industry is already seen. A number of global financial companies are actively testing to harness the maximum benefits of this robust blockchain technology.
There are bright chances of spreading the use of blockchain to some mainstream financial utilities.
What is your opinion on blockchain? Do you feel it as the next big thing in the financial industry around you? or Is it still in the nascent stage still to add much more to its features.
Anyways, we can't deny the fact, that this digital transformation is all set to connect users across the globe.
Let's see how fast and how far this can lead to in the coming days.
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