How Blockchain Technology is Reinventing the Financial Services Business Model
Blockchain is a globally distributed ledger of highly significant and incorruptible transaction data, which can be moved and stored in a secured, transparent, and unique manner. In the complex financial services world, organizations encounter issues related to legacy IT systems, security, government legislation, and regulatory visibility. The disruptive implications and positive traits of blockchain technology not only help address these challenges, but also improve business interactions and processes – leading to reduced transaction costs and increased accuracy.
The Road Ahead for Blockchain in the Financial Services Industry
Blockchain’s ability to design a new robust operating model contributes greatly towards simplifying business process management and enabling organizations to make informed business decisions. Additionally, with a key feature of unforgeable record creation on offer, blockchain shows immense potential in the area of identity data security. In this ebook we define blockchain technology, its impact on the financial services industry, and its promising future in the areas of mortgage banking, insurance, and omni-channel investment management.
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