India has emerged as one of the key global fintech hubs and has created huge room for fintech start-ups. Covid-19 accelerated the growth of fintech industry, which now enjoys record investments and skyrocketing adoption of its services. With industries shifting to digital platforms, it was critical for the fintech industry also to move to app-based operations.
The finance sector has come a long way in providing the comfort of having almost all operations at your fingertips, in addition to secured logins and complete access to financial data. While app-based operations reduce the time and effort needed, secured transactions, safety from fraud as well as transparency to safeguard from any misconduct are doubtful. This is where blockchain technology can benefit and even revolutionize the whole tech-based financial ecosystem.
Before going ahead, it is essential to understand what blockchain is and how that technology helps the fintech sector to perform transparency.
What Is Blockchain Technology?
A blockchain is a decentralized, distributed and public digital ledger that records transactions across many computers so that the record cannot be altered, with effect from data in the past, without the alteration of all subsequent blocks and the consensus of the network. This mushrooming technology is growing and making its mark in every field including healthcare, real estate, agriculture, food and especially fintech.
Continue reading: https://www.outlookindia.com/business/blockchain-is-poised-to-revolutionise-lending-fintech-news-191402
The finance sector has come a long way in providing the comfort of having almost all operations at your fingertips, in addition to secured logins and complete access to financial data. While app-based operations reduce the time and effort needed, secured transactions, safety from fraud as well as transparency to safeguard from any misconduct are doubtful. This is where blockchain technology can benefit and even revolutionize the whole tech-based financial ecosystem.
Before going ahead, it is essential to understand what blockchain is and how that technology helps the fintech sector to perform transparency.
What Is Blockchain Technology?
A blockchain is a decentralized, distributed and public digital ledger that records transactions across many computers so that the record cannot be altered, with effect from data in the past, without the alteration of all subsequent blocks and the consensus of the network. This mushrooming technology is growing and making its mark in every field including healthcare, real estate, agriculture, food and especially fintech.
Continue reading: https://www.outlookindia.com/business/blockchain-is-poised-to-revolutionise-lending-fintech-news-191402
