The utilization of blockchain technology in the financial service sector has long been lauded for its impeccable capability to introduce, transparency, time efficiency, and productivity to the ecosystem Simply put, blockchain helps reduce the chances of data breaches as well as operational risks.
What is Blockchain?
Blockchain technology creates data blocks that are stored in a chain. Every time a new block is created, it is added to the chain, resulting in the formation of a digital ledger. Blockchain networks are of two types – public blockchain and private blockchain. Any individual can join a public blockchain. However, private blockchains are accessible only to verified members who can view a stored digital asset on a decentralized blockchain database.
How does Digital Ledger Technology (DLT) work?
While blockchain has found the most takers in the banking and financial sector, DLT has the potential to transform several other sectors as well, including manufacturing, clean energy, electronic health record management, and more.
Distributed ledgers use independent computers to record, share, and synchronize transactions in separate electronic ledgers rather than keeping data centralized like in a traditional ledger. This technology can tremendously change the financial sector, making it more reliable, efficient, and resilient.
DLT can address persistent challenges in the financial sector and transform the roles of financial stakeholders. A PwC report reveals that 56 percent of Indian businesses are willing to make blockchain a part of their central procedures. This says a lot about the awareness, willingness, and speed at which blockchain is being absorbed into the social and economic framework of the country.
Continue reading: https://timesofindia.indiatimes.com/blogs/voices/the-use-of-blockchain-in-financial-services/
What is Blockchain?
Blockchain technology creates data blocks that are stored in a chain. Every time a new block is created, it is added to the chain, resulting in the formation of a digital ledger. Blockchain networks are of two types – public blockchain and private blockchain. Any individual can join a public blockchain. However, private blockchains are accessible only to verified members who can view a stored digital asset on a decentralized blockchain database.
How does Digital Ledger Technology (DLT) work?
While blockchain has found the most takers in the banking and financial sector, DLT has the potential to transform several other sectors as well, including manufacturing, clean energy, electronic health record management, and more.
Distributed ledgers use independent computers to record, share, and synchronize transactions in separate electronic ledgers rather than keeping data centralized like in a traditional ledger. This technology can tremendously change the financial sector, making it more reliable, efficient, and resilient.
DLT can address persistent challenges in the financial sector and transform the roles of financial stakeholders. A PwC report reveals that 56 percent of Indian businesses are willing to make blockchain a part of their central procedures. This says a lot about the awareness, willingness, and speed at which blockchain is being absorbed into the social and economic framework of the country.
Continue reading: https://timesofindia.indiatimes.com/blogs/voices/the-use-of-blockchain-in-financial-services/
