Instances of Blockchain Based Financial Services
1. Management of Asset
If you want to process the essential trade within the jurisdiction of management of asses, then this process can be costly as well as risky especially when the cross-border transactions are considered. Every one comprising of the broker, settlement executive, and the customer maintains their personal records which increases the chances of error. With the usage of the ledger kept by the blockchain, all these errors are eradicated as the entire detailed are maintained and stored in the ledger, and through blockchain, the need of the settlement executive also vanishes.
2. Process to claim your insurance
Claiming your insurance is a big headache as there are many means through illegal procedures are executed, and there are chances that your claim is taken by someone else as well. There are numerous fraudulent actions in this industry, so blockchain can remove these fraudulent measures in one go as everything will be encrypted, and no one can do fraud with you or anyone.
3. Payments transferred across the country
We are all aware that it’s a very tedious work to transfer the money in different countries, it takes even few days, and the cost of the transfer is also huge. Blockchain has removed the middle party issue, and you can transfer any amount of money from one country to other in fraction of seconds with the minimal cost incurred. There are many banks which have joined hands with blockchain to transfer the money as it is done fast, free of cost and even curb misuse of money.