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HOW TO USE BLOCKCHAIN IN FINANCIAL SERVICES

One of the leading innovations in the finance industry, Blockchain technology is decentralised, distributed, and is a public ledger that promises to reduce fraud, ensure quick and secure transactions and trades, and ultimately help manage risk within the interconnected global financial system.

Blockchain technology impacts Capital markets by its decentralization feature. By providing portfolio digitization and transaction confidentiality, it makes a huge impact on the asset management of stakeholders. Quick and secure transaction facilities provided to retailers, wholesalers, and banking institution makes the practice of global payment transaction seamless.

The digitization of assets makes the process of verification and transaction of documents so much easier. This can aid in the creation of efficient and reliable financial structures. The technology affects insurance by automating claims processing and efficient payouts; this results in breaking away from the traditional brokerage systems.

All these above-mentioned processes encourage the importance of adopting blockchain into the financial system, where people can break free from the shackles of traditional establishments and have the freedom to choose.