Blockchain, the public or private ledger that is responsible for storing information about every Bitcoin transaction and maintaining smart contracts, today has come up as one of the most influential research topics in the banking and financial sector.
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Blockchain As a Solution for Banking and FinanceIndustry Overview: Surpassing the Bitcoin trend the blockchain technology is set to revolutionize the financial services with its deeply researched perks like the increase in efficiency, promotion of secure and transparent transactions, integration of innovated automation to speed up business processes, decentralization, tamper-protection, and non-repudiable,etc. Blockchain, the public or private ledger that is responsible for storing information about every Bitcoin transaction and maintaining smart contracts, today has come up as one of the most influential research topics in the banking and financialsector.
Blockchain As a Solution for Banking and FinanceIndustry Statistics: There were reported investments of almost half a billion dollars in 2015 by Venture Capital (VC) firms in the field. In addition to it, there was an investment of about US $75 million in 2015 by financial institutions in the blockchain technology field and the investment amount is expected to grow about five times this value in 2019. BBVA and USAA Bank have reportedly made investments worth millions of dollars in Coinbase and Circle that are influential Bitcoin service providers to carry fruitful researches upon the blockchainapplications.
Blockchain As a Solution for Banking and FinanceIndustry What is BlockchainTechnology? According to Melanie Swan, Founder of Institute for Blockchain Studies, Blockchain technology should be thought of as –“ a comprehensive information technology with tiered technical levels and multiple classes of applications for any form of asset registry, inventory, economics, and money; hard assets (physical property); and intangible assets (votes, ideas, reputation, intention, health data, information,etc.).”
A blockchain can be defined as a secured yet public distributed database that is formed by a continuously growing list of blocks that allow peer-to-peer exchange of information over the database itself in a secured (Tamper-proof), and non-repudiableway. Understanding Blockchain in a more literalway- Key Benefits of Blockchain Technology For The FinancialSector: • HighSecurity ➢ Data Integrity andConsensus • Increased Efficiency ofRegistryProcess ➢ Non-repudiability with EffectiveTracking • DecentralizedControl ➢ HighExtensibility • EnhancedPrivacy ➢ Cost-effective RegistryProcess
What Endive Software Can OfferYou Blockchain Applications and SolutionDevelopment Blockchain Middleware andServices Payment Solution Development – BitcoinWallets Infrastructure and Base Protocols -Etherium/Hyperledger
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