The financial sector today lags behind the rapidly changing realities of the digital world. For instance, banking operations today are mostly based on paperwork creating security vulnerabilities and complex information retrieval, middlemen are required to handle transactions entailing additional expenditures, transactions are processed for about a week,and etc. Apparently, the traditional financial industry needs to be overhauled.
So, how can Blockchain solve these issues? With Blockchain we can digitize paper documents enhancing transparency, implement smart contracts to handle peer-to-peer transactions eliminating banking fees, speed up the transaction processing time as it doesn’t need to go through multiple mediators, refine the process of making deals thanks to smart contracts that are automatically fulfilled as soon as the conditions set in advance are met, and many more things that will enhance the efficiency of financial services.