Blockchain Technology or commonly known as decentralized, distributed, and digital ledger technology has transfigured several businesses so that they can perform to their best abilities. Financial Sector is one of the flourishing industries that has attained business proficiency with the help of Blockchain Technology. As per the source, Compare Camp, the most prominent investors in Blockchain Technology are in the financial sector with a market share of 46%. Blockchain is the biggest innovation that has enabled financial businesses to become agile, secure, and reliable. 

In today’s blog segment, KR Elixir Technology, the eminent digital transformation solutions provider will tell you how Blockchain Technology is augmenting the entire financial domain. 

Complete Transparency

Blockchain Technology has a transparent and reliable framework due to its decentralized system in which everyone has access to the same data and where even the smallest data modification requires approval of all the participants.

Decreased Fraudulent Activities

Financial Sector has to be extra cautious in its daily activities to prevent or detect fraudulent transactions. Blockchain has a distributed ledger with immutable and encrypted data stored over a network of computers to protect the same from hackers and scammers. 

Lowered Costs 

As per CoinJournal’s report, Blockchain Technology can singlehandedly reduce 30% of banks’ infrastructure costs. Blockchain-based transfers are inexpensive, quicker, and accurate. Upon that, Blockchain does not require any additional maintenance costs and human capital.

Blockchain Technology – Key Takeaways

• The value chain, new business models, and greater security are the primary reasons why more industries have decided to adopt blockchain. (Source: Compare Camp)
• It is expected that blockchain-based projects will add more than $360 billion of value to businesses by 2026. (Gartner)
• Some of the world’s largest banks are investing about $50 billion to build a blockchain-based digital cash settlement system. (Reuters)
• Bitcoin is currently the most expensive cryptocurrency, with one coin valued at over $55,000 as of February 2021. As such, Bitcoin has been named the currency of the future. (Statista)

Let your corporation avail comprehensive Digital Advancement with KR Elixir Technology’s remunerative Digital Transformation Solutions. To learn about how we can digitally transmute your organization, connect with our Team today.