Often the overseas transaction process requires 2-3 business days to complete. Moreover, it is an expensive procedure. The blockchain technology will reduce the time period and also the costs due to simplification of the process. A study conducted by Deloitte reveals that the transaction costs were reduced by 2-3% when real-time transactions took place across borders.
Once the bio-data of a person have been uploaded to the blockchain platform, they do not need to provide the details again and again. The relevant financial sectors can access the data from the platform itself, reducing the time taken for verification and authorization. Furthermore, the users will be able to choose with whom they will share their bio-data.
The application of blockchain technology in the world of trading is creating new headlines every day. Bitcoin, Etherium and other cryptocurrencies are just some instances of the decentralized and secure ledger system. New digital currencies like Iota, Bitcoin Cash, Bitcoin Gold, Ion and Dash are constantly challenging the fiat currencies.
The decentralized system has enabled distributed cloud storage. Moreover, the users can rent out the extra storage space. Ensuring security involves keeping data in multiple locations with the help of blockchain technology.
The property of the blockchain technology to keep a record of all the transactions makes it so popular in the financial sector. Thus, with time the need for decentralized system increases.