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Opportunities are Infinite
According to Cointelegraph, blockchain in finance is expected to gain from 150 billion dollars to a 3 trillion dollar industry by 2023. Blockchain provides decentralised secure information platform, which helps in the flow of information across enterprises. It is the ledger on cloud which can help to create a foundation of trust in companies as digitalisation is integrated and no centralised party has the power to modify the entries in the ledger, once a block is created. It, mainly, aims to automate trust in business where the need for third party authorisation is eliminate and the companies can build trusted business relationships.
Since the transactions of money can be tracked, the corrupt transactions can be identified. Businesses and financial enterprises can set up on public or private blockchains. The private systems can provide complete privacy where the information is stored with the institution, until the parties are given permission to enter the system. Private blockchain can provide safety against cyber attacks. In private systems, the network owner can have control over certain parts of the system and sometimes, it does not provide decentralised access.
A report by KPMG states – In future, blockchains will connect the existing financial systems, where it will be based on hybrid of public and private ledgers, and government regulations will play a vital role in such systems. Countries pushing for the implementation of regulations to support financial organisations will integrate such systems through regulated environment.
Overall, it will help in increasing trust, efficiency, transparency and inclusion of other systems. There are a number of benefits where money can be transferred fast and fees for money transfer will be less. This can replace wire transfers for global payments. Clients and business partners in any part of the world can be funded through STOs and ICOs. ICOs are the initial coin offering (it has undergone phase of extreme volatility). There are many regions in world where people cannot gain loans and this kind of system can help to provide loans fast.
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