Blockchain in the Banking and Financial industry


Blockchain has the potential to disrupt every industry and Banking and Financial industry is arguably the most prominent among all. The features of Blockchain Technology such as distributed ledger, immutable records, real-time payments, transparency, and security can potentially solve various existing inefficiencies of the financial system.

Traditionally, the financial services industry is known for its legacy systems and some banks have loads of legacy systems, some of which are 20+ years old. Therefore, It becomes a necessity for the financial services industry to embrace Blockchain and improve on many of its outdated systems.

Banking giants such as Credit Suisse, JP Morgan Chase, Goldman Sachs, Citigroup, etc have caught on this trend & have started experimenting and partnering with Blockchain tech companies to automate their banking functions. In fact, R3 was the first Blockchain consortium with more than 100 bank and financial institutions as its members.

According to a MarketWatch report, total investment in blockchain in the