Blockchain Tech for the Financial Sector

Blockchain Tech for the Financial Sector
11.10.2018 10:03 am

Blockchain Tech for the Financial Sector

Blockchain

Financial institutions are ready to implement blockchain technology. This article is aimed at the industry leaders, progressive thinkers, and innovators; those people who know this domain inside out, with all the accomplishments and shortcomings, and those who are already foreseeing the abundance of opportunities lying behind the advent of emerging technologies. You have definitely heard about blockchains, currently in the process of being implemented into major financial, regulatory compliance, and insurance technology frameworks, and thought about how your business can benefit from leveraging this digital novelty. The Block Gemini team will showcase innovative blockchain-for-fintech solutions during FinTech Summit, organized by Naseba, in October, and present its vision of payments in the near future.

This article is an outline of what we are going to demonstrate and our attempt to prove: whichever financial operation you need to perform, with blockchain you can do it cheaper, faster and more efficiently. 

To hold the bar high, industry leaders have to be among early adopters of the latest innovations; that is why big and influential financial institutions have already initiated the process of adopting blockchain-based solutions into their transaction systems. As recent surveys showed, banks are implementing this technology several times faster than it was initially expected; 65 percent of banks are going to have blockchain-backed projects in production in three years’ time. To illustrate this statement, there are 5 recent implementations of ubiquitous blockchain tech that created much buzz both in financial and crypto communities (Spoiler Alert: DLT is gaining momentum all around the globe).

  • UAE Exchange. The UAE is one step forward again, with its major financial entity becoming part of RippleNet, an enterprise blockchain network of over 100 members. The spokesperson of UAE Exchange stated that their decision to join Ripple’s platform was based on the urgent necessity to improve the cost and speed efficiency of cross-border payments.
  • Barclays. The banking giant from the UK was the first to trial Corda, a new blockchain platform, developed by R3. According to the statement, released by Barclays, distributed ledger technology will help the bank to reach digital maturity; smart contracts templates will be the center of their attention.
  • Royal Bank of Canada. The blockchain-based system, implemented by RBC, is aimed to store records of credit scores that will allow users to understand how they are calculated. Increased transparency and immutability are the main objectives of this project.
  • State Bank of India. SBI has become the founder of Bankchain, a consortium of almost 30 banks cooperating towards the common goal of exploring the full potential of blockchain tech for the banking sector. By 2030, SBI is planning to put all the core transaction-related processes on a blockchain.
  • Three major Japanese banks, Mizuho, Sumitomo Mitsui, and Mitsubishi UFJ Financial, also joined their efforts in order to create a cloud-based DLT platform for money transfers between individuals that can be used by each of these banks.

As you can see, global leaders go for blockchain technology. Its potential is immerse, and it is time to start leveraging it to the maximum extent. Block Gemini is the leading blockchain consultancy and solutions provider in the Middle East with a team of 100 experienced strategists, developers, and designers, who are ready to assist you in taking the major step towards an inevitably necessary digital transformation. Block Gemini has elaborated top blockchain-for-fintech solutions, already disrupting the fintech domain, that will take your business to the next level.

  • Cross-Border Payments. Blockchain tech brings an abundance of advantages for business-to-business and person-to-person international payments, including up to 50 percent reduction in transaction costs, 4-6 seconds average velocity of transactions (over 2-3 days today), increased security (verifiable record of every transaction, multi-party authorization option, public-private cryptography).
  • Peer-to-Peer Crowdfunding. Let DLT eliminate the middleman that will result in higher returns for lenders and lower interest rates for borrowers.
  • Insurance Settlement. Insurtech has recently become all the rage as many issues the industry is currently facing can be successfully fixed via the implementation of emerging technologies. Storing the valuable data on an immutable ledger will help to detect and prevent risks and fraud, smart contracts will improve P&C (property & casualty) insurance as well as reinsurance processes by simplifying the flow of information, and medical records for health insurance policies can be cryptographically secured and shared among health providers for more efficient interoperability.
  • Digital Wallet Applications. If you want to use a cryptocurrency, you definitely need a wallet. We can create applications for desktop and mobile wallets – innovative, UX-friendly, and always secure.
  • Cryptocurrency Exchange. Trading platforms are within the best ways to profit using cryptocurrencies. Block Gemini offers highly scalable platforms with a maximum degree of security, ability to connect to external exchanges, and seamless environment to launch your own currency.
  • Asset-Backed Token. An asset-backed token digitizes an asset (anything of value; tangible (a house, land, cash, etc.) or intangible (like intellectual property) that then gets recorded and traded with minimized costs and risks for all parties involved. The benefits of tokenization are numerous: liquidity of assets, their securitization, reduced volatility, and possibility for intangible assets to be precisely defined.

Anthony Lauriola, COO of Block Gemini, admitted, “I strongly feel that integrating IoT and AI with blockchain technology will be at the forefront of what we are going to see with future banking operations.” The world is being changed; the second digital revolution has come. It is time to become the leader, and the Block Gemini team will be happy to help you with it. See you at Naseba FinTech Summit in October to discuss customized blockchain-based solutions and their implementation into your business framework. Get your business blockchain-ready with Block Gemini!

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