Transferring money across borders has traditionally been slow and expensive, since systems typically pass through multiple banks on the way to the payment’s final destination. When used for cross-border transactions, blockchain can make the process faster, more accurate, and less expensive.
Trade finance platforms
Trade finance is another blockchain application in finance to watch. Many banks are using blockchain trade finance platforms to create smart contracts between participants, increasing efficiency and transparency, and opening up new revenue opportunities.
Clearing and settlements
The accurate recording capabilities of blockchain may one day make current clearing and settlement procedures redundant, resulting in faster transactions and reduced costs for financial institutions.
Digital identity verification
Blockchain is enabling banks and other financial institutions to identify individuals using blockchain-enabled IDs. When customer identifying information is secured using blockchain, banks can increase public trust while protecting against fraud and speeding up the verification process significantly.
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