Blockchain technology: 9 benefits & 7 challenges

Blockchain technology: 9 benefits & 7 challenges

Blockchain, mostly known as the backbone technology behind Bitcoin, is one of the hottest and most intriguing technologies currently in the market. Since 2013 Google searches for “blockchain” have risen 1900%.

5 blockchain use cases in financial services

5 blockchain use cases in financial services

One of the most discussed topics in the financial services industry today is blockchain technology. We are beginning to understand what a blockchain is, but how can we best use this technology within our business? 

#5. Blockchain – loyalty and rewards

#5. Blockchain – loyalty and rewards

Blockchain offers many benefits, including transparency and traceability of transactions. This will help banks and insurers to create a more captivating loyalty and rewards program that fits 24/7 performance management and enhances engagement.

#4. Blockchain – how to improve online identity management

#4. Blockchain – how to improve online identity management

Online identity management Online identity management has always been a time-consuming and costly process. First of all, there is the need for registration. A consumer or client could register online but financial services like loans, mortgages or insurance require a higher level of security for the financial institution to comply with Know Your Customer (KYC) regulations. 

#3. Blockchain – the benefits of smart contracts

#3. Blockchain – the benefits of smart contracts

One of the most promising applications of blockchain technology is the smart contract. It can execute commercial transactions and agreements automatically. It also enforces the obligations of all parties in a contract – without the added expense of a middleman. 

#2. Blockchain – the future of share trading

#2. Blockchain – the future of share trading

Share trading will soon be impacted by the blockchain. Utilizing blockchain technology potentially allows for greater trade accuracy, and a shorter settlement process. 

#1. Blockchain – speeding up and simplifying cross-border payments

#1. Blockchain – speeding up and simplifying cross-border payments

The transfer of value has always been an expensive and slow process. This is particularly true for cross-border payments. The blockchain is able to speed up and simplify this process – and also reduces the costs significantly. 

Blockchain and the future of financial infrastructure

Over the horizon: Blockchain and the future of financial infrastructure

The transformation of the financial services industry is top-of-mind for everyone in the field. As digitization has “changed the game” for all industry sectors, distributed ledger technology, also known as blockchain, has emerged as a hot topic. But how can this technology help financial firms? This report from Deloitte and World Economic Forum takes a pragmatic approach to answering this question.