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Blockchain technology has emerged as one of the revolutionary developments of the 21st century that can modify the performance of numerous industries such as financial services, pharma, healthcare, and education for the better. In the form of a digital distributed transaction ledger, blockchain can benefit the financial services industry in numerous ways as follows:
• Cryptocurrencies such as Bitcoin, Ethereum, Ripple, Paypal, and more are based on blockchain technology and have revolutionized the world of payment, unhindered by the threats targeting cash or card transactions. Blockchain reduces or eliminates the destruction or duplication of previous transactions. It also eliminates the need for a central authority or intermediary unnecessary.
• Blockchain enables acceleration, simplification, and cost reduction of the transfer of value especially in the case of cross-border payments.
• Blockchain enables automatic execution of commercial agreements and transactions through smart contracts.
• Blockchain technology can also facilitate smart identity management whereby, post-registration, users can re-use their identification for other services.
• Leveraging blockchain shall soon deliver enhanced trade accuracy with a faster settlement process benefiting the share trading process.
• The traceability and transparency that blockchain encourages banks and financial institutions to undertake more appealing or engaging rewards and loyalty programs suitable for 24/7 performance management.
Blockchain technology is truly boosting innovation in the financial services industry. Consequently, enhancement of one's understanding of the opportunities and challenges pertaining to blockchain technology is essential for financial success, both personal and organizational.