Blockchain in fintech

Blockchain is guaranteed to change the way we operate(opens in new tab). Since blockchain is a decentralized ledger with strong focus on cryptography, security, and privacy, it’s ideal for banking applications and fintech. Most banks are now using blockchain(opens in new tab) technology to create more efficient ways to record data. In 2020, the market share of blockchain in banking was 29.7 percent. Since blockchain allows you to update data in real-time, it’s a more cost-effective method to record transactions without intervention.

 There also are so many blockchain companies that are working on cryptocurrencies and blockchain applications that seek to provide quick and transparent fintech services. Even though blockchain has some risks, it can change the way banks do business by allowing faster payments, easier audits, and thorough identification.

Of course, to integrate blockchain into the systems, banks and fintech have to make changes to their existing infrastructure. But rest assured, these changes will have significant returns. There are ample opportunities to grow existing solutions into new use cases, leading to an even better customer experience.