Blockchain ranks up there with generative AI as one of the biggest revolutionary technologies of the 21st century.
While the technology is usually associated with cryptocurrency, recent trends suggest it is advancing beyond crypto to fit into many other areas, including banks and financial services, supply chain management, and identity verifications.
To help you understand the technology better, Franklin Okeke, writing for TechRepublic Premium, explores the core benefits and practical use cases of blockchain in the fintech industry.
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THE BENEFITS OF BLOCKCHAIN TECHNOLOGY IN FINTECH
Here are some of the advantages and how blockchain can improve business operations.
Better error solving
One of the fundamental features of blockchain technology is its immutability, meaning once data is recorded, it cannot be altered. This allows for real-time tracking of all information on the blockchain, which creates a comprehensive audit trail.
Each party involved in a transaction has access to the same data, eliminating the need for manual checks and reconciliations across different systems. This is found in cross-border payments, where blockchain enables automatic updates and validation of transaction data. Thus, reducing human errors and delays associated with traditional banking processes.
The decentralized nature of blockchain also prevents discrepancies between records. In trade finance, for instance, platforms using blockchain can streamline data exchange between multiple stakeholders, ensuring all parties have accurate real-time information always without requiring manual reconciliation.
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TIME SAVED: Crafting this content required 22 hours of dedicated writing, editing, research, and design.