Blockchain in Finance Services: Secure and fastened KYC process boosts market

Posted by Deeksha on October 17th, 2019

Blockchain acts as shared digital ledger allowing recording and verification of transaction across the globe electronically. It uses encrypted data for security and possesses the potential to transform major business sectors including finance. Blockchain is presumed solution of faster asset transferring within any business network. An intelligence report titled, “Blockchain in Financial Services: Market Overview and Top Companies” is the source of all the stated insights. This report is the latest addition to Market Research Hub’s ever growing repository

Blockchain technology has disrupted existing business models with digital technology to emerge as innovative solution and has garnered world attention. World business and industry leaders are actively involved in tailoring and customizing blockchain technology for their business specific use. It is considered as a giant step towards creating applications with decentralizing approach that increases its demand worldwide, thereby boosting blockchain market.

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Technology behind bitcoin

Blockchain gained popularity as technology behind bitcoin and managed to grab attention of enterprises and start-ups. It has surged up as solution to manage high volume of data on the backdrop of its positive attributes that include immutability, decentralized ownership and data security with cryptography.

Blockchain creates digital ledger of transactions by adding each subsequent transaction to the ledger and bringing them in continuously controlled mechanism that improves data quality and eliminates errors. This ledger is shared amongst shared network of computers to ensure tamper and revision safety of data. Blockchain implementation is broadly segmented into blocks and transactions. Blocks allow different users to modify transactions by using time stamps and creating link between adjacent blocks.

No intermediator involvement

Blockchain in financial services is known to assist with various advantages including real-time settlement, no intermediator involvement, distributed ledger, immutability and creating smart contracts. Real-time settlement reduces risk and friction. Transaction between two parties without involving intermediate third party enhances trust. Blockchain contains distributed and highly available public history of transactions that acts as proof of public transaction. Every transaction is verified and stored in pre-defined business steps without any intermediator involvement.

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Blockchain simplifies KYC process in many ways that includes reduced expenditure on intermediator involvement, increased transparency with direct transaction of data, secure information storage, elimination of repetitive documentation by connecting every stored data and enhanced time efficiency.

Blockchain in financial services: Report Synopsis

Quantitative and qualitative assessment exhort intelligence and overarching report on the Blockchain in financial services. Further, the report thoroughly delineates various aspects of the market that will potentially have considerable influence on the development of the Blockchain in financial services. As such, those aspects incorporate drivers, trends, restraints, and opportunities. Furthermore, the report elucidates segregation of the market that provides an exhaustive analysis on blockchain in financial services.

An insightful and deep-dive assessment of the competitive assessment of the Blockchain in financial services pins hope on Porters’ Five Force Analysis. Accordingly, the Porters’ Five Force Analysis offers a pressing analysis on the potential strategies of the preeminent players in the Blockchain in financial services. In addition, the business strategies counts on company overview, product portfolio, SWOT analysis, key differentiation and recent development.

Blockchain in financial services: Research Methodology

Primary sources and secondary sources propel intelligence report on Blockchain in financial services that provide deep dive analysis on the market. As such, the report provides reliable and unbiased projections, and assessments which have palpable impact on the market size and historical data. Besides, the report also counts on primary sources which hinges upon in-depth and intelligent analysis from well-grounded and reliable experts, telephonic interview, and a thorough assessment from surveys and seasoned analyst.