Blockchain The future of Fintech Services

Blockchain as we know has emanated as the most transformational digital technology of this era. It is peer to peer distributed ledger that has the potential to manage business data, transactions and processes. This is the prime time to think of blockchain implementation in fintech industries to meet the expanding demands of customers. Every node in the network has the same ledger copy and it is updated and refreshed every second. Hence every updated node has the duplicate entries on the ledger containing the transactions, this way fintech industries will find blockchain providing more security as compared to traditional services. As Blockchain is tamper proof and every block is time stamped it has the proficiency to rift up the limitations of financial industries. Blockchain can store, record and track down every detail of the blocks of transactions, ownership’s of the data; be it tangible or intangible assets.

Pivoting points of blockchain :

1) Simple, secure and efficient

Blockchain consolidates and systematise the new business process model incorporated in financial industries. There was a lot of work put into reconciliation and conflict settlement. Blockchain eliminates the need of middlemen to settle the transaction overhead. It provides security and transparency as the transaction history is immutably available to the members involved in the network. Hence there is efficient monitoring of all financial transactions.

2) Re-modelling financial services

Distributed ledger technology is re-shaping banks and financial institutes in many robust ways. From cash to plastic money and now to electronic crypto money. Financial industry is going to be hit  by an unrest rumpus of potential game changer in fintech industry as Blockchain development costs are meagre in comparison to the benefits. Blockchain combined with clould, bio metrics, cognitive computing and machine learning will entirely change the infrastructure of so many industries.

3) Application based benefits

Blockchain is application centroidal i.e the benefits of blockchain depends how it is integrated with the existing or new application. For example Blockchain Wallet Development for trade would speed up the payments and track the ownership at various stages of the process.

4) Digital identity and IOT

With the help of Blockchain digitial identity system can be revolutionised by verifying the nodes/devices/users who they claim to be. Other big use case would be KYC and AML process.

5) Altering business models

Blockchain will change the infrastructure and the basic support system of financial services. There will be a lot of reconciliation work but the immutable distributed ledger will remove the information unavailability and make it easy to track  the ownership of records. Blockchain bring transparency which makes inter mediation unnecessary and enforce compliance. Trust will be based on internet level consensus which will avoid unnecessary disputes and no third party involvement.

Our team at NetSet software is leading in Blockchain application development   and we are open to partnerships with Industries across sectors for generating proof of concept to solve real business challenges. To know more drop us a line on direct@netsetsoftware.com.