What is the previous scenario of without blockchain in financial services ?
Ans. Traditionally, the financial services industry is known for its legacy systems and some banks have stacks of legacy systems, some of which are 30–40 years old. It is, therefore, not surprising that the financial services industry has embraced Blockchain to improve many of their outdated systems and, along the way, save a lot of money.
1. Transactions can be done in minutes or seconds, while currently, settlements can take up a week. With Blockchain, settlements become user-optimised, which will save a significant amount of time and money, for both parties involved. Blockchain will remove the need for a lot of middle-office and back-office staff at banks, as transactions settle instantly.
2.One of the main features of blockchain is that it removes the need for a trusted intermediary and makes peer-to-peer transactions possible. When Blockchain is applied in the financial services industry, it could render useless the fee-charging intermediaries such as custodian banks or clearers.
3. When banks and financial institutions are using smart contracts, it will improve contractual term performance as smart contracts execute automatically once certain pre-set conditions have been met.
4. Increased options for financial solutions in times of crisis due to the availability of new financial products.
What is the previous scenario of without blockchain in financial services ?
Assume you are the Chief Operating Officer of a small financial institution and considering blockchain for your business. Explain the steps, i.e. why you will likely be using a blockchain, what type of blockchain, using a scenario and explain how that would be effective in your type of business.
Blockchain technology is an emerging technology with potential applications in logistics, distributed ledgers, social media, financial services, and digital identification. The market for blockchain technology is estimated to reach 2.3 billion dollars by 2021,10-times larger than the market was in 2016. In its SWOT analysis, IBM should classify the growth of blockchain market as a(n) Multiple Choice: weakness. threat. strength. opportunity. SWOT analysis.
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Blockchain technology has the potential to facilitate advances in financial and operational information transactions in business supply chains. Outline the mechanics of Blockchain, explaining how it may be used to deliver business solutions. What are the advantages and disadvantages of Blockchain applications, for example cryptocurrencies?
Blockchain technology has the potential to facilitate advances in financial and operational information transactions in business supply chains. Outline the mechanics of Blockchain, explaining how it may be used to deliver business solutions. What are the advantages and disadvantages of Blockchain applications, for example cryptocurrencies?
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What is Blockchain? How is distributed ledger being leveraged for its use?