Know-How Blockchain Is Disrupting Financial Services Industry?

1
Know-How Block chain Is Disrupting Financial
Services Industry?
2

• Blockchain is one of the technologies which
  disrupting the financial services industry in the
  era of digitalization. Various blockchain stocks
  technological advancements are happening across
  industries and disrupting the way they use to
  function in past centuries. Majority of the
  worlds population depend on online transactions
  which need to be secure, faster, and easily
  accessible. They use various middlemen such as
  banks to complete their transactions. This
  concept has removed the need for the third party
  to transact and allows every suppliers and
  consumer to complete their payments directly.
  According to an estimate by statista, and the
  Blockchain industry experts the global spending
  on Blockchain solutions is estimated to reach
  about USD15.9 Bn by 2023.
• Are you looking forward to knowing what exactly
  is Blockchain and its market performance?Must
  Read Recapitulating Industry Experts Insights on
  Blockchain Technology Its Future
•  
• Explaining Blockchain
•  
• Since 2008, its beyond the shadow of a doubt
  that it is a disruptive innovation by a group of
  people named as Santoshi Nakamoto. It is an
  innovative solution for secure transactions in
  the world of digitalization.
• Blockchain is the distributed ledger which
  maintains a permanent and tampers proof records
  of transactions. Everyone have a question how to
  invest in blockchain and how it works. This
  technology allows every companies and individual
  to proceed with instant transactions on a network
  without any middlemen and verify the same. It
  enables the purchases to be completely secure and
  is used to cut costs and deliver quality services
  and products in the market. It operates with no
  central authority.

3

• The primary benefit of using Blockchain
  technology is that it eradicates the chances of
  double-spending and provides access to the ledger
  and rule book to everyone in that Blockchain
  network. It carries the huge potential to speed
  up transactions while cutting the cost associated
  with the third party and lowers the chances of
  fraud.Must Read Gathering Detailed Insight on
  Commercial Insurance Industry in India with
  Insurance Industry Experts
• According to the survey conducted on the
  Blockchain by a management consulting firm
  Deloitte, they found that 53 of the respondents
  believe this to be a top-five strategic priority
  whereas 56 of the respondents believe this to
  disrupt their business.
• According to the research and findings of The
  Blockchain Market is anticipated to reach a value
  of USD162.84 Bn by 2027 growing at a CAGR of
  68.1 during the forecasted years 2019 to 2027
  owing to its rising adoption in North American
  countries during the forecasted years.
• In terms of adoption and end-users, the financial
  services industry holds the highest market share
  and continues to be the dominant end-use industry
  for this disruptive technology owing to its
  numerous benefits rapid adoption amongst the
  consumers.
•  

4

• Role in the Financial Services Industry 
• Blockchain technology is playing a crucial role
  in the enhancement of the financial services
  industry. This trending technology is used in
  both domestic and international fund transfers.
  The automation of transaction required for trade
  finance helps the financial services industry to
  have huge savings with the application of
  Blockchain in it. It helps the banks to overcome
  their problems of customers identification and
  prevent the chances of fraud and money
  laundering. It facilitates smart contracts for
  the storage of any digital information. It proves
  to be profoundly transformative in the payment
  procedures. This concept proves to be highly
  beneficial for banks by reducing their
  transaction cost and the amount of paper they
  process.
• Blockchain Experts say that the entire process of
  fraudulent claims, manual processes, legacy
  underwriting in the insurance sector have been so
  more straightforward now. It has even resulted in
  quicker KYC procedures which are very mandate for
  the financial industry and is also allowing
  automated account opening, reduced resources, and
  data privacy.Must Read Machine Learning -
  Market Insights By Expert Network Firm
• Are you wondering how Blockchain is proving to be
  beneficial for the financial services industry?
•  
• 69 of banks are currently experimenting with
  Blockchain technology, and 33 of bankers are
  expecting commercial adoption of this technology
  in the upcoming years. Banks have reported that
  they have able to save USD8-12 Bn by utilizing
  this technology.
• Banks have been able to reduce 30 of their
  infrastructure cost with Blockchain. Financial
  services companies can save up to USD12 Bn in a
  year.
• According to Gartner findings, in 2017 reported
  use cases of Blockchain in the financial services
  industry was 82.
• This unique innovation is disrupting the BFSI
  industry in terms of global payments, insurance
  claims processing, trade finance, fraud
  management, compliance management, and processing
  of loans.