How Blockchain Technology is Revolutionizing The Financial Services Industry
Ever since Bitcoin came into play as a cryptocurrency offering an alternative to traditional finance, blockchain technology has been disrupting the financial services industry through its unique capabilities and applications. The revolutionary technology is set to improve every section of the traditional finance industry, including retail banking, capital markets, and asset management. Notably, blockchain technology […]
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The global business consulting and technology services provider Synechron conducted a survey in cooperation with capital markets research firm TABB Group on the topic of blockchain technology in financial services. Over 200 senior-level financial services and technology decision makers across the U.S., U.K. and Europe were interviewed for this survey. The outcome of the survey suggests that the vast majority of financial institutions believe in the potential of blockchain technology and that it will be in everyday use in the financial industry within the next 10 years. Of the surveyed....
Amazon Web Services will partner with Digital Currency Group (DCG) on a platform that will allow companies to experiment with blockchain technology, according to Forbes. Blockchain providers in DCG’s portfolio will be able to work in a secure environment with financial institutions, enterprise technology companies and insurance companies. A blockchain can make financial services more efficient and more economical. The technology could potentially shrink the financial services industry as the software handles functions that middlemen currently execute. Scott Mullins, AWS head of worldwide....
Toyota Financial Services is not your average bank, as the company focuses on automotive financial services. They are also the first player in that particular industry to join the R3 consortium. The R3 Consortium is a collection of several dozen financial institutions all over the world looking to explore blockchain technology. But the group continues to expand, and Toyota Financial Services is their latest member. Merging distributed ledgers with automotive financial services will be quite an interesting experiment. R3 Welcomes Toyota Financial Services. Toyota Financial Services is not....
Microsoft provides its Azure and Blockchain as a Service offering to various financial institutions, enabling the industry's digital transformation. Banking and financial services industry are heavily dependent on the new-age digital technology for further progress. Microsoft is one of the many tech companies intimately involved with the cryptocurrency sector facilitating the development of blockchain technology for financial applications. In its recent blog post, the company has offered details about the participation of Satya Nadella, CEO of Microsoft Corporation in the Fintech Ideas....
Several use cases of the Blockchain technology have been promised or are being explored by the Fintech and, as well as, other sectors such as health, entertainment and public sector, but none has come up with something concrete despite all the hype. Bitcoin’s Blockchain has been recognized for transforming the $13 trln financial services industry – by empowering millions across the globe to authenticate and transact immediately and without costly intermediaries. Attempts to tame it. Several companies have invested in proofs of concept and projects which aim to exploit the technology. In....