Question

Pick one area where you think Blockchain Technology could be proposed as a solution and briefly explain your proposed solution. Your final document should include an Abstract and a Conclusion

Answer 1

Q Pick one area where you think Blockchain Technology could be proposed as a solution and briefly explain your proposed solution. Your final document should include an Abstract and a Conclusion.

Ans: I will choose Blockchain technology in the banking.Firstly let's know about the blockchain first.Blockchain is open , distributed ledger that hold the transactions between two parties that are permanently and efficiently.In the simple words we can define it as , basically it consists of individual blocks of data that are involved in the series of transactions that are linked together in a specific order. This technology  enhanced the information-sharing and accuracy  into the financial services ecosystem.

Banking industry is the taking an lead  in the adoption of Blockchain technology by considering it's specific feature.As we know in the banking sector we have to connect with thegroup of people together that allow all kind of trade and commerce between them.And the Blockchain is the technology that accomplish the same at the global level.The best thing about this technology is that it is more secure and transparent. With the help of this technology we can trade more efficient by removing the paper-based and manual processes.This technology introduces the  streamlined and automated ones in the place of the paper-based and manual processes.This also reduces the the cost of cross-border transactions.

Importance of the Blockchain technology are as follows:

1. Transparency: Transparency is the important factor in any place , either it will be banking, healthcare or any other places.The Blockchain technology , it significantly increase the transparency between market participants.
2. Disintermediation: This provides the distributed ledger and  immutability architecture, that is the key requirement for the  trust in the ecosystem.
3. Provenance: This technology maintain the immutable record of transactions.This also reduces the risk.

The following are the essential use cases of blockchain in banking are as follows:

1. Payment processing and money transfers.

2. Buying and selling assets.

3. Credit and loans.

4. Trade finance.

5. Digital identity verification.

6. Accounting and auditing.

7. Peer-to-peer (P2P) transfers.

8. Copyright and royalty protection.

   Abstract: With the above points we see that their is an huge uses of the Blockchain in the banking sector beacuse it provides the the secure way of transfering and money transfer.Their is an wide uses of this technology in Banking technology.The best thing about this technology is that it is very secured an it connect the group of people together around the globe and they can do their transaction in a secured manner.

   Conclusion: After discussing all this concepts we can say that the Blockchain technology make a huge impact in the Banking sector.Where we see that it's a vast uses in this sector , it connect the group of people around the globe where they can do their transaction in a secure manner.

   THANKS , i think this will give you a better intuition about your question.If you have any doubt feel free to ask in the comment section.