By Brandon Pope, CPA | Business Assurance & Advisory Services Senior Associate | Financial Services Industry Team
Businesses are constantly looking for new ways to improve operations and increase bottom lines and now, there’s a new resource that is rewarding financial services businesses that implement it: Blockchain. The technology that is creating buzz and headlining journals and magazines everywhere is proving to be valuable to financial services business that deal with a large volume of transactions. Greater accessibility, reduced fraud, and enhanced payment options are just three ways businesses are being rewarded for implementing Blockchain.
Financial Services and Blockchain Technology
Financial services businesses can incur large fees on certain transactions, such as electronic payments, transfers, and contracts. Blockchain allows businesses to provide customers with greater accessibility and speed for such transactions.
Given its decentralized nature, Blockchain provides its consumers with increased security as third party users continuously validate data and transactions at real-time speeds. Increased security allows implementing businesses to operate with reduced instances of fraud.
Financial Services and Blockchain Technology Advantages
Combining greater accessibility and increased security, Blockchain produces transparency for financial transactions. While businesses are burdened with the worry of fraud and accessibility and general use, clarity around financial services transactions is something that businesses and customers, alike, can agree is also desired. Blockschain’s data validation also allows both parties of a transaction equal visibility to ensure integrity is met throughout.
Additional Financial Services Resources:
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.