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.

Governance Improvement

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. 

KYC Solutions

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.

Data Security

Blockchain provides the most secured system for maintaining and sharing critical and sensitive data – both internally and externally.

Supply-chain Management

Efficient tracking of material/supplies and effectively faster Vendor payments and settlements.

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Raghavendra PS is an IT professional with a great passion and exposure to multiple technology areas: Blockchain, IoT, JEE/Microservices and Salesforce. He takes a keen interest in exploring upcoming, disruptive technologies and sees how they potentially transform the world we live in. He is a firm believer of "Learning is the is the only constant change in life and every learning takes a step closer to realizing this change".