Banking and Finance is one such industry where Blockchain Technology has potential solutions to offer to a host of use cases. As this industry has various needs to secure the users, their transactions and hence the vulnerabilities around the identity, data security and tampering of regulatory documents are very high. Let us see the use cases where Blockchain addresses the inherent issues in Banking and Finance.
Regulatory Compliance Management
Blockchain enables Regulators to implement a secured Compliance Management System and offers a better visibility to the Regulators. Lot of laborious effort towards manual verification, employment of staff and related logistics can be cut down drastically. In a nutshell, Blockchain helps you to put a system of Regulatory Compliances in a verifiable, safe and secure manner.
Blockchain helps to create auditable records of any actions the employees or applications or servers carry out that serve as proper tools for Provenance and Non-repudiation.
Creates highly integrated, well-secured cross-business e-KYC solutions that rapidly speeds up the onboarding of customers and enables cost effective acquisition. It avoids repetition of verification process being initiated by various departments within a financial institution and hence the high costs associated with it.
Thirty-party verification parties could be employed, leveraged often without much worries about security or fraudulent practices.
Blockchain provides the most secured system for maintaining and sharing critical and sensitive data – both internally and externally.
Efficient tracking of material/supplies and effectively faster Vendor payments and settlements.