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Blockchain in Finance & Banking Industry

Keep a track on all the financial transactions in an entity with the aid of the Blockchain in Finance.

Blockchain in Financial and Banking Industry

Blockchain application in financial industry is a rising strategy. The technology is a boon for the financial sector to deploy a faster and secure structure. Blockchain technology is in its infancy. However, it is evolving and acts as a real game-changer for financial industries. The existing problems in financial organizations can be easily overcome with the application of blockchain. The implementation of blockchain in financial industry creates a positive frenzy on the business processes by providing a dynamic data center in a secure, efficient, and transparent manner. Blockchain also promotes the use of utilizations, for example, Smart Contracts that could effectively automate lots & lots of manual processes, ranging from compliance & claims processing to document dispersal.

Blockchain Firm holds a responsible team of intelligent developers who strive hard day & night to unveil the features of blockchain technology to add value to the finance sector. With the blockchain tech’s aid, take your business to the next level, without compromising on cost and efficiency. Your blockchain-related search ends here! We are a multiservice company offering intelligent, secure, & user-friendly blockchain solutions for your finance-oriented enterprise. Our aim is to provide financial institutions with an architecture, potential enough to forge, operate, and manage a legit universal network.

Blockchain Applications in Banking and Insurance Sector

Blockchain for Banking

Blockchain technology in banking paves the way for two or more parties to set up an agreement in terms of a database system, thus eliminating the middlemen. By deploying the ledger technology that no entity can claim governance, a blockchain network is capable of providing reliable financial services such as credible payments, higher security levels, and a lot more.

Implementation of blockchain in the banking sector acts as the key card for digitized transactions and data protection at a lower processing fee. Blockchain provides increased transparency & accuracy with the help of decentralization. With the blockchain tech, banks can process payments more quickly and accurately while simultaneously reducing frauds and counterfeit activities.

Cross-Border Transactions
Cross-Border Transactions

By employing peer-to-peer network systems, millions of transactions across the globe can be verified and processed within seconds.

Smart Bonds
Smart Bonds

Smart Bonds are cryptographically-secure Smart Contracts backed by Blockchain. They are used to automate the Bond Registry Services.

Point Of Sales Systems
Point Of Sales Systems

No need to depend on merchant services henceforth. Decentralized POS systems allow business owners to accept cryptos as payments.

Blockchain For The Insurance Sector

For several years, the insurance companies were relying on manual processes and operations to overcome the lack of trust among participants. Blockchain acts as the promising technology to restructure the system governing the insurance sector, thus boosting trust, efficiency, and productivity. Alongside this, blockchain is potential enough to create a positive frenzy for the insurers.

Blockchain technology provides insurance transactions and contracts with trustworthiness and belief. The tech can enhance efficiency & productivity completely for P&C insurers by replacing manual processes with automation in claims handling & payment. By securing reinsurance contracts, blockchain eases the information and payments flow between insurers and reinsurers.

Hassle-free Settlements
Hassle-free Settlements

With no middlemen to levy processing charges, blockchain technology enables instant settlements and customer claims processing.

No Fraudulent Chargebacks
No Fraudulent Chargebacks

Blockchain technology, with its immutable and transparent nature, is powerful enough to eliminate fraudulent activities and false claims.

Claims Processing
Claims Processing

By implementing blockchain, it becomes easy for companies to verify claim requests for adequate information and authenticity.

Benefits of Blockchain in Financial Services

Blockchain Development Services
  • Transparency

    The ledger stored on the blockchain technology is transparent. Any user with the necessary credentials can view the transaction records.
  • Immutable Records

    Though the records are public, blockchain promotes immutability. The records are stored chronologically and also they’re time-stamped.
  • Optimization

    Blockchain technology allows secure machine-to-machine communication and boosts document processing, including financial transactions.
  • Secure

    The transaction records are stored on a distributed network and various consensus protocols eliminate the risk of duplicate entry.
  • Smart Contracts

    Blockchain backs Smart Contracts which aids customers in eliminating third-parties in overseeing the creation & completion of processes.

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Our Stratagem

Requirements Gathering

We keenly understand the client’s needs and gather all the requirements accordingly. The client will be provided with a formal document after the requirements gathering phase.

Analysis, Design & Planning

We analyze the current demands and design a trendy draft that is best suited for your business. And after that, we’ll have a formal discussion to document the project plans.

Development & Implementation

During the development phase, all that is required to implement the project is put into use. The software will be ready to install, running, live, and productive.

Testing & Deployment

Introducing the system to different environments to observe its outputs, behavior, and the way it functions. Finally, the project is deployed in a real-time environment.

Blockchain Platforms & Tech Stack

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