Tag: blockchain technology

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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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Breaking the Chains of Conventional Banking – Blockchain Technology

Blockchain technology has been the buzzword for quite some time now. The growing popularity and market value of bitcoins have sparked the rise of blockchain technology. Bitcoin is a digital currency that facilitates peer-to-peer transactions without the help of a third party. It can be said that blockchain is to bitcoins what internet is to e-mail. Blockchain technology is the engine on which bitcoins function

For those who have come across the term “blockchain” but are unaware of what it is, and for the unacquainted – here is your introduction to blockchain technology.IR_Brochure

What is Blockchain Technology?

A blockchain refers to an anonymous online ledger that simplifies the way we transact by using specific data structures. The blockchain’s ledger is different from that of a bank. A bank’s ledger is connected to a centralized network, but in the former, the ledger is anonymous, which protects the user’s identities. With the help of this technology, the users can also manipulate the ledger securely without the help of any third party. As mentioned earlier, blockchain is a distributed ledger that continuously keeps the digital records updated regarding who owns what. In the case of blockchain technology, there is a network of replicated databases that are synchronized through the internet and are visible to anyone within the network. These networks are similar to the intranet, which is private with restricted membership and accessibility from across the globe

blockchainApplication of Blockchain

Did you know that blockchain technology goes way beyond just digital currencies and money transfers? They can be employed in various other functionalities such as smart contracts, maintaining digitally recorded assets/properties, electronic voting, and maintaining patient health records. An example of blockchain’s application in the recent past is Nasdaq unveiled Linq, which is a solution enabling private companies to represent their share ownership digitally. Blockchain technology will soon disrupt many industries that rely on intermediaries, including sectors such as healthcare, banking and finance, real estate, insurance, etc.

The Safety Aspects

Safety is the most important concern in the usage of any digital technology. With widespread hacking and malware that are hindering the smooth flow of digital processes, safety and security of information and resources are the major deciding factors for users looking to resort to a particular mode of transaction. Bitcoins are considered a safe medium of transaction considering the complex network and the anonymity involved. The blockchain technology is based on superior algorithms that make it highly immune to hacking. It requires considerable computing powers to hack into a blockchain network, and as of now, it looks like a long way before hackers can set traps on the blockchain battlefield.

 

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