Blockchain Applications for Financial Technology | April-2019

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It is the technology that will help the companies manage their financial aspects including the business processes and models

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Blockchain Applications for Financial Technology

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https://www.codezeros.com/blockchain-use-cases/financial-technology/ Problem FinTech could be defined as an industry of technology that is or could be applied to the financial world. It is the technology that will help the companies manage their financial aspects including the business processes and models. FinTech is not new. It has been there for a decade now acting as the basis for end-to-end processing of the financial transactions. Currently FinTech uses the Internet via cloud services and stores the all the important information on the servers which are prone to a data breach. The details of a user are held with the bank and an individual has no control over the security of their own information. Authentication methods and secured transmission are the major issues faced by FinTech at the moment. Ensuring the authenticity and identity of the person signing the documents supervisory controls on the financial markets transaction control insurance claiming processes etc. are some of the issues created due to the oversight of the Financial industry.

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https://www.codezeros.com/blockchain-use-cases/financial-technology/ Solution This is where blockchain comes in to solve all these problems. With the application of blockchain in FinTech all the data available will be decentralized. All the transactions taking place will be authorized by the miners making it immutable and unhackable. With the help of the public ledger all the transactions recorded will be on the chain and validate each and every other transaction making it reliable and secure. The blockchain technology will discard any third party trying to get a hold of the data and make it a peer-to-peer transaction giving everyone complete control over their data security. The transparency that an irreversible ledger provides would make financial operations smooth-running. Moreover the ability to create smart contracts would significantly decrease the possibility of defaulting on payments. This way blockchain would reinvent the way FinTech industry operates making it more secure and stable than before.

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ABOUT CODEZEROS We believe that the power of ideas can transform the world and every successful business was first a business idea. In this digital age our ideas turn out to be the best when supported by all emerging technologies. Blockchain Technology is one such idea that is quickly disrupting the way things are done online. It is the next step to a completely decentralized structure of sharing information. Its implications for all enterprises are still being explored as it is leveraged for more and more industries each new day. Crypto currency is already revolutionizing the concept of currency and how it can be managed without any centralized structure such as a government or banks. At Codezeros we harness its power to help our clients make better business structures by simplifying their logistical processes. As a truly pioneering blockchain development company in India we focus on your ideas and how they can be implemented better with blockchain technology AI VR and IoT. Decentralization of information has a disruptive potential to change how all businesses are conducted. And we plan on being at the forefront of just that

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