Uses for Blockchain in the Financial Services Industry

On the back of substantial recent growth, the cryptocurrency market is now worth trillions of dollars. Much of that success comes from all the potential uses for its underlying blockchain technology. Because blockchains were first introduced with digital currencies, it makes sense that blockchain applications in finance are some of its most promising uses.
A simple explanation of blockchain is that it's a decentralized ledger that records transactions. For financial service companies, this technology could be a path to faster and cheaper transactions, automated contracts, and greater security. Although blockchain technology still has a long way to go for widespread adoption, it's already being used by quite a few financial institutions.
Uses for blockchain in the financial services industry
Here are a few of the many uses for blockchain in the finance industry:

• Money transfers
• Added transaction security
• Automation through smart contracts
• Customer data storage

Let's take a closer look at how financial companies could implement blockchains for the uses above -- and why they'd want to.
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