NDLI: Block-Chain Technology & Its Application in Financial Services

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Block-Chain Technology & Its Application in Financial Services

Content Provider	Semantic Scholar
Author	Dass, Joydeep Dass Joydeep
Copyright Year	2018
Abstract	The global financial services industry is going through a series of technological disruption. In recent years, the financial service industry has witnessedseveral financial innovation and one of them is the Block Chain Technology (BCT). Block Chain leverages technology and has great potential to change the way as to how the business operates. It has gained widespread acceptance because of the immense benefits it offers in terms of de-risking operations and reducing inefficiencies across the value chain.Block chain is just one of the many tools as analytics, artificial intelligence, robotics, and cloud computing and are being independently incubated or developed in innovation labs across the globe especially in advanced economies. Technocrats call the emergence of block chain as the foundation of fourth industrial revolution but critics consider it as just a trend in the development ofa new technology. Block Chain Technology (BCT) service providers are experimenting the application of this technology in financial service domain in collaboration with banks and large financial institutions.Astronomical amount of investment has already gone in its development but as of today the investments far outweighs the benefits received. Obviously, there are some pain areas that the business will face and need to address but in the end, it will reshape the modus operandi of financial service infrastructure. World Bank’s group ambitious goal of Universal financial access by 2020 will boost the growth of this technology and will be a game-changer for financial services. This paper is an attempt to educate the readers give a deeper understanding about the areas in financial service where the technology can be used and derive maximum gains from business.
File Format	PDF HTM / HTML
Alternate Webpage(s)	https://www.ijsr.net/archive/v7i11/ART20193200.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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