Fintech App Development: Blockchain revolution in the Fintech

Blockchain is the technology most likely to transform the next decades of business and will also be helpful in enhancing the business process of the next generation. Blockchain, the technology behind digital currencies such as Bitcoin is in fact a distributed record database. Blockchain has the potential to truly disrupt multiple industries and make more self-governing, protected, transparent and well-organized processes. Blockchain offers the promise to tackle some of the key challenges and pain points the financial sector has experienced over many years.

Blockchain can be, and can go much further than, the future of financial services. Finance is all about trust: Financial institutions have essentially evolved to allow for transactions with strangers.

At its most simple, blockchain is a huge, globally distributed ledger or database running on millions of devices where not only information but anything of value such as currency, headings, acts, art, inventions, intellectual property, and even polls – can be stored securely and privately.

Fintech Industry impact with blockchain

According to the report of fintech and fintech app development companies, approximately 77 percent of the financial services sector is expected to implement blockchain by 2020. By 2020, as stated in a survey of eight of the 10 largest global investment banks pursuing the blockchain route, banks which were 1/3 of the organizations investigated were inclined to integrate blockchain into their activities.

Blockchain data is complete, reliable, adequate, accurate and widely available and allows two parties to conduct an exchange without third party oversight or intermediation, severely reducing or even eliminating counterparty risk. Besides that, blockchain also has the potential to transform centuries-old money-transfer mechanisms. It can have a beneficial impact on market pricing and costs beyond the safety implications and increased transparency of transactions for all parties, whether institutions or customers.

When multiple parties interact with a common transaction, they tend to keep their own separate records of their respective pieces of a joint transaction, leading to tremendous inefficiencies. Application for document signing in the blockchain may be more futuristic, providing digital transaction management and electronic signature technology to ensure greater safety and security.

Closure

In addition, Blockchain has the ability to change the manner in which transactions are performed and will provide greater protection on a larger level. The blockchain is an idea that can, after some time, foster the development of a larger ecosystem that includes both the old and the new.