What are your thoughts on the future of blockchain technology in Finance?

Applications & Platforms Peer Insights Strategy & Architecture+3 more

378 views3 Upvotes2 Comments

Sort By:

Oldest

India Head and Director of Global Finance Shared Services in Hardwarea year ago

Blockchain technology has the potential to make a large impact on various aspects of the financial world due to its inherent characteristics, such as decentralization, transparency, and security. Here are some thoughts on its potential future in finance.

1. Efficient Transactions and Settlements: Blockchain has potential to streamline and expedite international transactions and settlements, reducing the need for intermediaries and minimizing transaction fees.

2. Identity and KYC Verification: Blockchain-based identity solutions could improve Know Your Customer (KYC) and anti-money laundering (AML) processes, making customer verification more secure and efficient.

3. Issuance of Central Bank Digital Currencies (CBDCs): There are some central banks which are exploring the issuance of digital versions of their national currencies using blockchain technology. CBDCs could provide governments with better control over monetary policy and enhance the efficiency of payment and settlement systems.

It's important to note that while blockchain technology offers many opportunities. The adoption in the financial industry may be in phases and will depend upon technological maturity, regulatory environment, and industry collaboration.

Please join or sign in to view more content.

By joining the Peer Community, you'll get:

Peer Discussions and Polls
One-Minute Insights
Connect with like-minded individuals

Director of Finance in Consumer Goodsa year ago

Blockchain is still working as dark web and no country has recognized this technology. It is still early days to see the impact of blockchain in finance. However the way Gen AI and new technologies is evolving, it cannot be denied that blockchain can be future disrupter.