6 ways blockchain can be used in financial services. Blockchain has been called the new internet and is quickly propagating in transforming economies infrastructures technologies and businesses including those in the financial sector how does blockchain in the financial industry work exactly well in this video we will take a deep dive into the topic. Blockchain technology allows the entire financial services industry to optimize business processes by effectively sharing data in a more transparent and more secure way blockchain technology is quickly reshaping the landscape of financial services as both B. 2 C. and B. 2 B. consumers aim to gaining more authentic view into their personal and business finances current profit pools and business models are becoming quite inefficient and are being forced to deal with the risk of complete destruction what are the benefits of blockchain technology in the financial services industry although the benefits are already quite extensive let’s look at 6 of those benefits. One payments thanks to standalone crypto currencies such as bitcoin which has since its introduction to the global financial stage been viewed as a threat to the control of monetary policies many central banks are shifting toward payment systems that integrate with blockchain technology to funding and investing in blockchain is used to raise start up capital or to create brand new service offerings these transactions can now be completed in a peer to peer fashion in exchange investors may receive tokens that represent expansive future value 3 accounting. Since blockchain is a shared ledger that processes transactions in real time it has the potential to improve accounting efforts by lowering overall costs which are associated with the reconciliation of ledgers and freeing up resources. For identity the ability to verify customers is one of the key cornerstones of the financial services industry thanks to built in cryptographic protection blockchain technology could potentially offer an optimal identification protection model allowing for increased forms or security and data protection. 5 inexpensive. Yes compared to many of the more traditional methods of moving funds through banks and credit for merchant systems blockchain payments are both inexpensive and fast with built in forms of identity verification users don’t have to go through any extra steps 6 fraud is reduced. Actors have the potential to threaten almost every facet of the financial services industry however common forms of fraud such as D. D. O. S. attacks are significantly reduced with blockchain technology in place. What awaits us in the future of blockchain technology in the financial services industry is expansive functionality when it comes to transparency identity and transactions blockchain technology could have a significant impact on financial services and will help to increase speed and efficiency with significantly reduce costs learn more at business world I. T.com connect with us on social media or subscribe to our newsletter.