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    Matter

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    pradeepbisht64637

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    © All Rights Reserved
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    Matter

    Uploaded by

    pradeepbisht64637
    8 views6 pages

    Copyright

    © © All Rights Reserved

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    DOCX, PDF, TXT or read online from Scribd

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    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    8 views6 pages

    Matter

    Uploaded by

    pradeepbisht64637

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 6

    What is blockchain?

    Blockchain is a shared, immutable ledger that


    facilitates the process of recording
    transactions and tracking assets in a
    business network.
    In simple language, Blockchain is a Database,
    Blockchain stores data in blocks and converts
    this into the shape of a chain.

    Why is blockchain important?


    Business runs on information. The faster
    information is received and the more accurate
    it is, the better. Blockchain is ideal for
    delivering that information because it
    provides immediate, shared, and observable
    information that is stored on an immutable
    ledger that only permissioned network
    members can access.
    1. SMART CONTRACTS
    Smart contracts are similar to physical contracts,
    except the stipulations of the contract are fulfilled
    in real-time via the blockchain. Smart contracts are
    beneficial, especially to the finance sector, for
    numerous reasons. These contracts are fulfilled
    instantly after all stipulations are met, do not
    require any middlemen, and add heightened
    levels of security.
    2. SIMPLIFIED PAYEMENT SYSTEM
    One of the most attractive applications of
    blockchain in fintech is its ability to process
    payments almost instantly and in a manner that
    protects data integrity.
    Credit card giant Mastercard showcases
    patented blockchain technology that processes
    cryptocurrency payments on traditional credit
    card systems. The company realizes that
    blockchain-based payments are getting popular.
    So Mastercard also aims to cut down on fraud
    and risk with a hybrid payment method.
    3. ADVANCED TRADING AND INVESTING
    Blockchain technology can transform the stock
    market by cutting down complicated and time-
    consuming processes, high costs, and security
    risks.
    In a traditional stock market,
    An investment can take up to three days to
    process because of communication between
    intermediaries, causing lag and uncertainty in
    the process. Blockchain, featuring smart
    contracts and a decentralized process, promises
    to bring speed, accuracy, and efficiency to the
    investment process.
    4. LOYALTY AND REWARD PROGRAMS
    It’s no coincidence that well-performing
    companies — like Apple, Disney, and Amazon —
    have expansive customer loyalty programs and
    millions of diehard fans. Businesses looking to
    increase revenue and retain customers have
    found another solution: blockchain-based loyalty
    rewards.
    For most companies, current loyalty programs
    are hard to keep data on, are outdated, and are
    at severe risk of data breaches.
    In a 2018 study, IBM found that 73 percent of
    respondents believe businesses value profits
    over data security and that 75 percent won’t
    even buy a company’s products if they don’t
    trust the company to protect their personal
    information.
    Customer loyalty programs have become a
    target of cyber attackers, but the blockchain is a
    potential solution for making the programs safer,
    larger, and more precise.
    5. UPGRADE DIGITAL IDENTITY MANAGEMENT
    One of the most serious responsibilities of
    financial institutions is maintaining the integrity
    of a customer’s digital identity, comprising some
    of our most sensitive information. We trust
    banks to safeguard our passport information,
    biometric scans, social security numbers,
    accounts, and addresses with the expectation
    that these institutions will keep them private.
    But Unfortunately Every year there are many
    cases of cyber attacks in which people are
    defrauded or some of their personal data is
    leaked. Blockchain can stop hackers in their
    tracks.
    What are the Benefits of Blockchain in
    Finance?
    The blockchain enables more open, inclusive, and
    secure business networks, shared operating models,
    more efficient processes, reduced costs, and new
    products and services in banking and finance. It
    enables digital securities to be issued within shorter
    periods of time, at lower unit costs, with greater levels
    of customization

    1. Effectively Control Risks

    2. Security and Transparency

    3. Instant Settlements

    4. Better Auditing

    5. Reduce Costs

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