The recent successful experiment of ICICI bank where they successfully executed international trade finance and remittance transactions using blockchain technology has made one thing clear – blockchain applications are not a hype anymore!
Since the inception of bitcoin, legal and banking sectors have always been inclined on developing blockchain solutions. The remarkable success of bitcoin has been credited to blockchain: the underlying technology of distributed ledger for the exchange of cryptocurrencies.
The major challenges that financial and banking industry faces today are:
- Demand for faster and secure transactions
- Transparency in transactions records
- Avoiding theft of critical data
- Third party vendor risks
- Errors and Duplication of Data
- Long Time Duration in settlements
- For testing Proof of Concepts.
- Eliminates the cost of Double Spending by implementing real-time tracking.
- Increase efficiency in the System.
- Tamper-resistant System.
- Removes any scope for errors and duplication
- Settlement time is reduced to seconds from days by removing the need for intermediaries.
- Removes the need for third parties, as all participants in the value chain have access to cloud-based assets which verify each party’s identity.
- The security system is strengthened and enhanced in areas such as payments, credit card information storage. It is achieved by using decentralized public transaction records.
- To bring automation in transaction processes.
Prolitus provides best in class consultation for Blockchain-based solution. Our team of consultants critically analyze pain areas of the business and suggest whether Blockchain help your business or not.
For further consultation, contact Prolitus.