Is blockchain the future of the financial market?

Unlike the traditional system in finance run by a single order, blockchain technology allows a database that updates and holds data while synchronized across multiple computers in a network. Therefore, anyone can access the ledger with proper authorization without relying on an intermediary or authorities.

Image 1: Central Bank, a.k.a single order

The three specific ways blockchain is poised to become the future of the financial industry are through decentralization, distribution, and immutability. Some of the wide applications of blockchain can be found across payments, share trading, lending, and accounting.

Blockchain offers great variability through increasing efficiency in intercompany transactions through access to a common cloud or ledger, thereby reducing dependency on intermediary agents. Thus, it will help to focus on value creation activities and also enhance payments and compliance with intercompany transactions.

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Given its wide utility, the implementation is ambitious across the financial industry. Blockchain enables further security, enhancement, recording, and more of future financial transactions. Some of the huge benefits blockchains offer are a 95 percent reduction in reconciliation and error, 40 percent increased efficiency, and 25…