Upgrade Your Financial Business with Blockchain
Blockchain technology drastically changes the core of the banking sector by turning away the idea of any central authority. Major banks and financial institution has already started to adopt the distributed ledger technology to leverage the fast and cheap transactions.
Finance business challenges
Global banking is a mature and prosperous industry. It involves numerous parties constantly synchronizing their data in order to process a tremendous number of various inquiries. No wonder, that throughout the years, even with the help of modern technologies, this complex system still has several flaws.
Global banking is a mature and prosperous industry. It involves numerous parties constantly synchronizing their data in order to process a tremendous number of various inquiries. No wonder, that throughout the years, even with the help of modern technologies, this complex system still has several flaws.
Long and expensive settlements
Oversea money transfer service has been in a high demand for over decades now. Nevertheless, the transactions still require around 3 business days to be processed. Traditional systems like SWIFT need to involve third parties to complete the transaction, which causes delays and increased fees.
Huge fees
Transferring traditional currencies involves a great number of parties, including central banks, private banks of payer and payee, various payment systems and other. The transferring mechanism not only takes a lot of time, but also requires payment of a fee at almost every stage of this process, which can make even simple operations pretty expensive.
Solutions for financial industry
New approach to cross-border payments
Banks and financial institutions continue to use a complex infrastructure even for simple cross-border transactions, making this relatively easy process quite challenging. Any regular operation involves too many parties, that use own private solutions.
Blockchain technology allows institutions to work on peer-to-peer bases providing them with a direct link between each other. Banks can share a common solution to keep track of the transactions and accelerate their execution.
Blockchain technology allows institutions to work on peer-to-peer bases providing them with a direct link between each other. Banks can share a common solution to keep track of the transactions and accelerate their execution.
Capital market
Traditional way of stock exchanging requires a complex way of ownership tracking, which involves such parties as brokers, exchanges, custodian banks, central security depositories and other.
Pretty much anything of value can be tokenized on blockchain. Assets can be stored in a decentralized solution making the rights to an asset possible to transfer through cryptographic tokens. It reduces the number of parties involved and allows for easier asset ownership detection.
Pretty much anything of value can be tokenized on blockchain. Assets can be stored in a decentralized solution making the rights to an asset possible to transfer through cryptographic tokens. It reduces the number of parties involved and allows for easier asset ownership detection.
Get your own private blockchain solution to upgrade your finance business
Financial institutions that have already adopted the blockchain technology
DigitalForest Blog
Still thinking how to apply blockchain to your financial business?
Contact us to get a consultation
Contact us to get a consultation
DigitalForest Blog
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