Blockchain and Bitcoin

Blockchain and Bitcoin

There are a lot of real life uses of block chain in real world scenario, one of them being is the usage of blockchain in financial services.

Blockchain in Financial Services: Cutting Costs Back and Reducing Money

The power of Blockchain in financial services is something many experts have been looking for. In fact, an IBM research report said more than 91% of banks around the world have already started investing in blockchain solutions. It can easily be used to make financial institution transactions more secure and efficient. Working as a ledger, the blockchain can be used to record and keep track of all financial transactions without providing a single risk point. Details would be stored in multiple locations and a copy of the new transaction would be added to each lodge.

In the event that someone attempts to hack or play with the transaction details stored on these ledgers, they will need to enter each lodge, which would not be possible at all.

In addition to this, it can also be used to speed up cross-border transactions, increase transaction transparency, and enable digital identity verification.

Real-Life Examples

Bank Hapoalim is partnering with Microsoft to bring together a blockchain-enabled system for efficient banking transaction management.

Hydrogen Molecule, a smart platform, can be integrated with third-party tools and financial systems to add blockchain components to it. It can help with digital identification, crypto payment options, making tokens, etc.

Aeternity enables the payment process to use blockchain network technology. Enable smart contracts when conditions are met and agreed upon by network consensus.