Blockchain technology has emerged as one of the most disruptive applications and has tremendous potential in the operation of the financial sector in recent years. This technology is a boon for the financial world as it acts as a bridge to the existing gap between the regulators, financial institutions and the consumers. The raising technology assures to replace third parties with a network of nodes to verify transactions and make the process quick. Many non-traditional companies got involved in the ecosystem to create blockchain networks to facilitate financial transactions. A few major applications of blockchain in the financial world include money exchange between parties, payment clearing, and settlement, peer-to-peer payment transactions.
The technology brings down the conflicts, confusion, and delays caused due to many aspects of the financial services. Financial institutions believe that Blockchain has the potential to metamorphose financial institutions by dropping potential costs and labour savings. At present, many financial institutions like JP Morgan Chase, Bank of America, and Goldman Sachs are actively involved in blockchain technology for their operational activity. Nearly 24% of financial executives from all around the world are familiar with blockchain technology. According to reports Global Fintech, nearly, 77% of Fintech is looking forward to adopting blockchain in their production system by 2020.
