There are many advantages offered by blockchain technology that make it suitable for application in financial services. The technology can help us overcome numerous shortcomings and inefficiencies of present day Banking and Financial systems. The following are some of these areas:
- Reconciliation: Reconciliation is an expensive and time-consuming affair across almost all financial products and services. The delayed visibility of transactions or information across organizations leads to delayed settlement for the end customer. Cross-border and domestic payments, trade settlement, trade finance, and letter-of-credit settlement are examples of some workflows that are more time-consuming and expensive due to the effort spent on reconciling data between organizations. Blockchains can help eliminate or reduce reconciliation costs and time. Transactions...
