Some of the key transformations that we have seen in the field of Blockchain is the development of Blockchain platforms like Hyperledger Sawtooth, Hyperledger Fabric, Corda etc.

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Blockchain technology's impact on
the financial sector
The blockchain technology that once started as the underlying framework for Bitcoin
exchange now finds a multitude of use cases across the different industrial segments.
One of the biggest impacts was felt on the financial sector. Companies like JP Morgan
have openly embraced Blockchain technology. The financial sector suffers issues of data
security, faster transaction, transparency and other bottlenecks that hamper the growth
of the businesses that are relying on the banks and NBFCs for monetary transactions.
Hence, Blockchain could be a probable solution here. With the intervention of
Blockchain, banks and financial sectors can easily overcome the drawbacks that are
holding back the seamless functioning of the banks.
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Some of the key transformations that we have seen in the field of Blockchain is the
development of Blockchain platforms like Hyperledger Sawtooth, Hyperledger Fabric,
Corda etc. this permissioned Blockchain, not only ensures that the system is running
seamlessly, but also guarantees that the transactions take place at a faster pace. This
eventually makes the banking system work even better and in a more efficient manner.
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How is Blockchain impacting the financial
sector:
1. Providing a secure platform- One of the biggest problems that most of the
banking and financial institutions are facing is the need for a secured platform. Since
most of the transactions and other work has now been digitized, most of the banks and
other allied companies are looking for a secured platform which is free from any errors or
flaws. Moreover, the need for a platform which can effectively combat data breach
issues is also on a high rise, and so we have Blockchain. This DLT platform works by time-
stamping every information or data on it. Thus ensuring complete security. And with the
advent of permissioned Blockchain networks, we are even more assured about the
security feature.
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2. No third party- Time lag and paperwork are two drawbacks of the financial
sector which tends to hold back the processes, and it also eventually impacts the
performance of the business. With the help of Blockchain technology, we can overcome
these issues and hence ensure faster transactions. Blockchain technology works on peer-
to-peer transactions which means that there is no need to rely on a third party for
validation and approval, this fastens up the transaction process.
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3. Tracking and tracing- These features can be extremely beneficial for the
banking companies. Banks spend a huge sum of money in validation and verification,
despite all the effort the cases of fake identity, and fraud claims are rising, with
Blockchain, we can easily put an end to it. Since tracking and tracing of data become
easier, and one can easily trace back the history, it becomes easier to rely on this
platform as compared to the conventional technology that banks are using.
These are the three major advantages that the banking and financial sector can reap
from Blockchain. Blockchain developers and Blockchain experts are in great demand
because of this, and in the times to come, we are going to witness a rise in this number.
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Conclusion-
Blockchain Council is offering the best online certificate program in Blockchain. This
comprehensive curriculum will let you imbibe all the information related to Blockchain
while learning its implementation as well. So what are you waiting for? Enrol for
Blockchain certification today.
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Blockchain Council Certifications
You can check out our certifications, and kick start your career in the Blockchain
space today.
● Certified Blockchain Expert
● Certified Blockchain Developer
● Certified Smart Contract Developer
● Certified Solidity Developer
● Certified Ethereum Developer
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9. THANK YOU!
Any questions?
You can mail us at
hello@blockchain-council.org
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