Blockchain’s Applications in Banking Beyond Bitcoin
One of the biggest buzzwords in the financial services sector, blockchain remains largely misunderstood. Much more than just a platform for storing and making transactions with Bitcoin, the technology is seen by many to have the potential to be a disruptive force that upends traditional methods of banking and finance. Institutions looking to stay on the cutting edge of technology and offer expanded services to a wider market must understand what blockchain has to offer.
This whitepaper, written by SoftServe’s Ivan Leshko and Kevin Lehtiniitty of Fortress Blockchain Technologies, explains how adopting blockchain and DLT can make financial services cheaper, faster, and more secure. Specifically, you will see current use cases and learn how blockchain:
- Uses a decentralized ledger to provide fast payment processing at a lower fee – especially for cross-border transactions.
- Creates more interoperable and efficient capital markets through the tokenization of stocks, bonds, and private securities.
- Eliminates gatekeepers in the credit and lending industry to make low-interest loans more secure.
- Facilitates real-time transactions and reduces operation costs.
- Allows untrusted parties to participate in real-time global trade.