How Blockchain will change the Financial Service industry?

Defining the blockchain without discouraging its listener from being interested in it is a difficult exercise, but it can be characterized as a chain of blocks containing information (such as transactions for example) just like a register and to which all the world can have access (public blockchain) and without a central control body: the transparency of the network is the reason for this absence of regulation, the security resting on the users.

This technology is therefore derived from smart contracts, these intelligent contracts whose ambition (and vocation) is to replace the conventions as they exist today.

Smart contracts – at the core of blockchain technologies – are self-verifying, self-executing agreements that can function autonomously.

Smart contracts address the very core of Contract Lifecycle Management (CLM) solutions – automating the contract lifecycle to improve compliance, mitigate risk and increase efficiencies across the enterprise.

The blockchain technology is being actively adopted by finance, as it helps to achieve well established workflows through simplifying record / identity management, transaction processing, goods provenance and traceability.

By excluding an intermediary, the technology also allows for minimizing or eliminating the counterparty risks, as well as reducing overhead costs, transaction time, and the related fees.

Highly competitive and regulated financial industry carefully considers important innovations. It’s generally recognized, that smart contracts bring many advantages to automatization of banking processes when it comes to the interaction of several parties.

Banks, which applied Ethereum, claim that the blockchain is still not mature enough. At the same time blockchain technology made considerable progress with speed, security, privacy, and manageability.

In the nearest future smart contracts supported by new platforms, including Credits, will become a standard industry solution.

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