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Blockchain use in the financial services
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- Author(s) / Creator(s)
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This chapter discusses the various use cases of blockchain technology in the banking and financial services sectors in North America. The topics discussed focus on the advantages that blockchain technology offers compared to business as usual models. For instance, blockchain technology can streamline and shorten the securities settlement process on exchanges; credit card transaction processing and insurance claim settlements can be optimized in terms of cost and efficacy. According to The Blockchain Training Institute, 90% of banks in the USA and Europe are considering blockchain technology to enhance the efficiency of their operations, while seven out of ten banks are aiming at using blockchain technology within the next three years. Arguably, the largest population destined to benefit the most from incorporating blockchain technology -offering financial and banking services- are the millions of inhabitants in parts of the world who do not have access to conventional banking and lending services. Blockchain technology has great potential to become a game-changer for this underserved population. To further explain, anyone with a cell phone and a banking/lending app can effectively conduct financial transactions without using a trusted intermediary, such as a conventional bank. Blockchain technology can also be an effective tool in managing microloans to remote territories worldwide where financial services are hardly available. A blockchain solution can enable financial services to farmers and trading participants to get their business started or expanded, thereby creating a real opportunity for these populations to combat extreme poverty effectively.
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- Date created
- 2021-06-01
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- Type of Item
- Research Material