Financial Services Businesses Implementing Blockchain Face Great Advantages

Posted on 10.11.18

Financial Services Businesses Implementing Blockchain Face Great Advantages

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. 


Interested in exploring Blockchain for your business? Contact a member of Keiter's financial services team. Email | 804.747.0000

Source: Influencive

Additional Financial Services Resources:

Investment Advisers and Disclosure of Conflicts of Interest Related to 12b-1 Fees

Potential Legislative Regulatory Changes: What You Should Know

Economic Growth, Regulatory Relief, and Consumer Protection Act: Impact on Financial Services Businesses

How Do You Get Investors Comfortable with Cryptocurrencies?

Tax Reform: The Impact on a Financial Services Business

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.

Posted by: Keiter CPAs

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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