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
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
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
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.
#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.