Tag: Blockchain

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Top 3 Challenges in Adopting Blockchain Technology in Banking Industry

Since the time of its invention, the blockchain technology has delineated the change that it can bring in different business areas. Various features of blockchain technology such as immutability, decentralization, and transparency make it appealing for business sectors and domains globally. Banking and finance industry is one of the leading industries in exploring the potential of this technology.  The growing use of blockchain technology in banking has uncovered the potential to disrupt this sector. This technology has several advantages in terms of adoption given its proposed features, but there are also some hurdles along the road which need to be addressed for banking and financial organizations to grow ahead. Let’s have a look at those challenges:

Major Challenges in Adopting Blockchain Technology in BankingGet More Info

Interoperability

The blockchain technology is not restricted by any international rules and regulations that impose a standard to it. With the growing need for interoperability among large industries like banks and finance, there is a need for technology to be compatible with different systems and should have the potential to get adopted by the masses. Today, integrating the existing systems with blockchain technology in banking is a big challenge as the existing processes cannot be entirely eliminated. If the actual adoption of blockchain technology in banking can allow multiple systems to work together smoothly, operational feasibility can be achieved.

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Privacy

Banking and financial institutions are the entities that people trust for depositing their funds. Therefore, it is very important that the data of customers stored with the aid of blockchain technology in banking is secured and would never challenge their privacy. As the banking transactions made on a blockchain are available publicly, the need of exploring the potential of private blockchains is required. This is a serious concern in the adoption of blockchain technology in banking along with the resolution of issues like interoperability.

Encryption

Private keys are the important components of blockchain technology in banking as they play a significant role in securing the data of an individual on the blockchain. However, a private key once generated has to be kept securely as once it is lost or misplaced, there is no way to get it back. Moreover, the use of encryption in storing data can be decoded and can make blockchain susceptible to the attacks of hackers.


Choosing the right technology that meets your every requirement is a turbulent task for companies. We at Infiniti Research understand this conundrum and have made a name for ourselves when it comes to offering insights on new technologies that can maximize your presence in the global market. To know how we can help you gain better insights into adopting blockchain technology in banking, Contact us now!

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6 Intriguing Real-world Applications of Blockchain Technology

Blockchain technology is no longer associated with only bitcoins and cryptocurrencies. The applications of blockchain now extend to various other industries who have recognized the potential of this technology. Blockchain technology – the brainchild of an unknown person who goes by the pseudonym Satoshi Nakamoto – is indeed an ingenious invention. This network-to-network chain not only guards business dealings and prevents theft or loss of data, but also quickens the processes, simplifies the company’s affairs, reduces errors, and saves organizations from hiring a third party. Here are six real-world applications of the block chain that you Get More Infomight not have known:

Applications of blockchain 

Supply chain monitoring

With the ever-increasing demand for quick and on-time delivery, supply chain efficiency has come into the limelight in most companies. This is one of the main reasons why forward-thinking companies are looking at the applications of blockchain technology in making their supply chain operations more efficient.  By using blockchain technology and removing paper-based trails, businesses can easily pinpoint inefficiencies within their supply chains, and also locate items in real time.

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Blockchain Technology Making its Mark in the Insurance Industry: Four Reasons Why This is Great News

The use of blockchain in insurance is still in its early stages of inception and implementation. The potential of blockchain technology in sharing data, process claims, and preventing fraud in the insurance industry is indeed intriguing. But companies in this sector still have a long way to go in terms of actively working with start-ups, regulators, and industry experts to figure out the best ways to navigate the potential challenges of the blockchain technology to the realities of the insurance industry. With that in place, it is undeniable thaGet More Infot the applications of blockchain in insurance will revamp the way this industry functions. Let us dive deeper into blockchain technology and the perks of blockchain in insurance.

What is blockchain technology? 

Blockchain technology has moved on from a mere buzzword to one of the notable tech trends in most industries. It is a distributed, peer-to-peer ledger of records called blocks that is virtually incorruptible.  Every block is linked using cryptography. It is self-managed and does not require coordination from an intermediary. Not just financial transactions, but blockchains can be programmed to record virtually everything of value.

Blockchain in insurance 

Not only does blockchain offer the promise of cost reduction and efficiency, but it could also enable revenue growth, as insurers attract new business through higher-quality service. Industry experts at Infiniti Research have curated some of the key benefits of employing blockchain in insurance:cta ir

Improved rate of trust 

Industries like insurance and financial services run majorly on the trust between customers and the company. Customers trust these institutions with their earnings only because of the trust that a particular institution has instilled within them. But in many cases, banks and insurance companies do not reveal the exact data to their customers, building skepticism in their minds regarding any further investments. Implementing blockchain in insurance and other financial institutions helps build consumer trust as it provides transparency in transactions.

Timely fraud detection and prevention

Blockchain technology has immense potential to detect and prevent fraudulent activity, making the use of blockchain in insurance extremely compelling. Over the past several years, the insurance industry has been battling with fraudsters and hackers who have duped them of millions of dollars. Blockchain technology will help insurance companies to easily verify customers, policies, and transactions for authenticity using a decentralized repository and its historical records.

Smart contracts and better claims processing

Blockchain technology can solve several issues that both the insurer and the insured currently face. Insurance contracts are often seen as long and confusing for insured individuals, while insurance companiesAsk An Analyst_IR are working hard to protect themselves against all possible types of fraud. With the help of smart contracts and blockchain technology, both insurers and the insured would benefit from managing claims in a responsive and transparent way.

Enhanced efficiencies

It is a known fact that in the case of changing insurance companies, the data entry process to get coverage and care started is extremely slow and inefficient. Customers also often find themselves in the fear of losing their personal data to fraudsters. Blockchain provides a solution to drive security and efficiency that facilitates personal data to be controlled by an individual while the verification is registered on the blockchain.


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5 Latest Developments in the Blockchain Market: All You Need to Know

Today, blockchain technology has evolved to become one of the most revolutionary and advanced technological developments of the 21st era. Its application can be extended much beyond dealing with bitcoin transactions to industries like fashion, logistics, and even to humanitarian causes like providing global identity solutions for refugees. Today, there are lots of industries like trade finance, healthcare, cybersecurity, etc. that are using blockchain technology. Although the blockchain market will witness promising growth, concerns such as cost, security threats, complexity in understanding, and many more are preventing industries from adopting this technology.

The interest associated with blockchain technology is skyrocketing the growth of the blockchain market all around the world. That being said, here are the five latest developments in the blockchain market:

5 Latest Developments in the Blockchain MarketAsk An Analyst_IR

Blockchain in human resource

Recruitment and HR are two sides of the same coin, but recruitment consumes a lot of time as well as resources of the HR department. This is one of the major reasons why organizations prefer a third party or external recruiters today. But such methods obviously come with a hefty associated fee. Since most of the candidates’ information sourced during the recruitment phase can be viewed on the blockchain, there’s a huge amount of processes getting streamlined.  Resumes will be a thing of the past and grades, certificates, work history, and experience will be easily verified and visible to people with direct involvement. This development will add a new chapter to the growth of the blockchain market.

Continue reading to know more about trends affecting the blockchain market.

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Trends in Blockchain Technology Influencing Social Media Marketing

Whether you are a social media marketer offering your services to businesses or a business owner using social media to reach customers, it is imperative you understand that social media is about to go through a dramatic shift. For more than a decade, social networking has taken over the internet users’ lives, with social networking apps being the preferred entry point for content and engagement. Recent developments like blockchain technology are disrupting numerous industries. and social media is one of them. When most people think of blockchain technology, they only see the surface level of buying and selling cryptocurrencies, but its uses are far more wide-reaching than the financial world. You should be keeping a close watch on the following trends if Request Proposalyou want to prepare yourself for the future of blockchain technology-enabled social media marketing:

Identity verification

There is growing interest in verified online identities. Huge bot problems on social media platforms like Facebook and Twitter have been identified in the recent times. Therefore, business owners are increasingly looking for better platforms to reach out to their customers and increase their marketing ROI. The ability to connect with consumers who have had their identities verified via blockchain technology and smart contracts is grabbing the interest of business owners who don’t want to continue marketing on social media where fraudulent PPC (pay per click) ad impressions are prevalent.

Crypto-collectibles

Blockchain technology and cryptocurrency collectibles are also influencing the future of social media marketing. Though initially, crypto-collectibles were looked at as nothing more than mobile games, the truth is some of these crypto-collectible companies plan eventually to turn their games into platforms like iOS or Android. These players have even been able to raise millions in investment funding. This goes to show that the trend of crypto-collectibles is here to stay.

Content distribution

There is no shortage of fake content on online platforms. Today’s social media networks get flooded with everything from fake news to spam bots. But looks like this would be short-lived with blockchain technology in place.  In the future, social media content distribution will be based on verified information and the traceable spread of data. The ability to block content and its contributors is an attractive option for brand builders.

Verified marketplaces

The verified marketplaces of like-minded individuals and companies will influence the future of blockchain-enabled social media. Marketplaces are currently increasingly addressing specific needs, and this will continue as blockchain technology becomes mainstream and business owners realize its potential. The ability to market to a verified group of individuals and companies you know are already interested in what you’re selling can reduce your marketing efforts while increasing your return on investment of time.


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