How will the Finance industry benefited by Blockchain Technology in 2020

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How Will The Finance Industry By Blockchain
Technology 2020

• Blockchain is a growing technology, and when we
  talk about its impact, it has propagated across
  different sectors. Although we are witnessing its
  growing importance in all the business sectors,
  it is the financial sector where maximum impact
  is felt and why not? After all, Blockchain is the
  underlying technology for Bitcoin, that led to
  the digitization of financial transaction.

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• In this blog, we will be exploring different ways
  in which Blockchain technology has impacted the
  financial industry. As per the reports of, 77
  of financial institutions are expected to
  implement Blockchain Technology by 2020. But
  before that, we must understand what the current
  challenges which the finance sector is currently
  facing are.

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Current Challenges Of The Finance Industry

• Despite digitization and the use of modern
  technologies, the finance sector is facing
  certain issues that have paved the way for the
  proliferation of Blockchain technology in this
  field. A few of them are

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• 1. Lack of transparency
• 2. Involvement of the third party
• 3. Cost
• 4. Time-consuming processes
• 5. Data security

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• If we have a closer look at the features of
  Blockchain technology, then we can say that it
  can help in overcoming these challenges.
  Blockchain is a distributed ledger technology
  which features
• 1. Immutability
• 2. No third party involvement

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• 3. Complete transparency
• 4. Faster transaction
• 5. Data encryption cryptographically

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• 3. Complete transparency
• 4. Faster transaction
• 5. Data encryption cryptographically

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• All these features make Blockchain one of the
  most sought-after technology and inevitable for
  all the business segments inclusive of the
  finance industry.

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• Let's understand how Blockchain is going to
  impact the financial industry in 2020
• 1. Smart Contracts- Through Blockchain offers
  a number of features. First, we would like to
  discuss smart contracts. These pre-programmed
  contracts have pre-determined conditions between
  the two parties. Once the conditions are met, the
  financial transaction is executed.

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• 2. Trading Platform- Another popular use of
  Blockchain Technology is going to be as the
  provider of the trading platform. We know that
  Blockchain allows the exchange of assets without
  third party involvement. Using this feature, the
  bank can set up a new trading platform on
  Blockchain protocol, and the user can use this
  platform for the exchange of asset without any
  hassle.

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• 3.. Faster payment- Since Blockchain allows
  direct interaction between the two parties,
  without third party involvement, so people can
  use this platform for an instant transaction
  without waiting for third party validation and
  confirmation.

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• 4. Data Security- One of the biggest problem
  that the financial sector is currently facing is
  the security of information. Since every
  transaction is stored on the ledger and is
  cryptographically encrypted, it makes it safe and
  free from any tampering or alteration.

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• 5. KYC- Banks spend a lot of money in the KYC
  process. But with Blockchain, we can expect
  lesser cost and higher efficacy. As per the
  reports of Thomson Reuters in 2017, the KYC
  specialist employed by banks crossed the marl of
  10 billion dollars. With Blockchain all the
  changes in the consumer data is automatically
  refreshed across the system. Thus it reduces the
  time and cost of restarting the KYC protocol when
  someone registers the client.

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• These advantages make Blockchain inevitable for
  the finance industry. With the growing importance
  of Blockchain technology, there would greater
  need for Blockchain experts and pursuing a career
  in this field will open the avenues of new
  opportunity. To enroll in becoming a certified
  Blockchain expert, you can connect with
  Blockchain Council.

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• Two of the programs for which you can enroll are
  Certified Blockchain KYC Professional training
  and Certified Blockchain Finance Professional
  training. As a part of this program, you will get
  a complete insight into the application of
  Blockchain concepts in the finance sector. Thus,
  making you ready for the future.

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Blockchain Council Certifications

• You can check out our certifications, and kick
  start your career in the Blockchain space today.
• Certified Blockchain Expert
• Certified Blockchain Developer
• Certified Smart Contract Developer
• Certified Solidity Developer
• Certified Ethereum Developer

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