Blockchain and Financial Industry
Blockchain According to IBM, “Blockchain is a shared, immutable ledger that facilitates recording transactions and tracking assets in a business network. An asset either be tangible (a house, car, cash, and) or intangible (intellectual property, patents, copyrights, and branding)”. In other words, blockchain is a method of storing assets required in a business environment for future use in which there is no chance to lose and change the information stored in it. In the block of the chain, every block contains information in which two layers of ownership are established- one is who owns the current data, and another is the previous owner. Blockchain offers virtual security, transparency, trust, privacy, and high performance at a significantly low cost. Especially in the financial sector, it was estimated that at the end of 2030, the development of blockchain will save up to $27 billion in cross-border transactions. Blockchain in the Financial Industry Bl...