How does blockchain developer help improving the banking & finance sector

Copyright © Blockchain Council www.blockchain-council.org
How does Blockchain Developer help improving
The banking & Finance Sector ?
Blockchain is one of the leading technologies which is finding applications in
different business sectors. Ever since the technology surfaced in the year 2009,
we have seen it grow, from being a supporting technology for Bitcoin, Blockchain
now finds myriads of applications. One of the most common applications of
Blockchain technology is in the field of banking and finance sector.
2

What are the current problem faced by the
Banking sector ?
We need to understand why there is a need for syncing Blockchain technology
intervention in the banking and finance sector. To understand this, let us have an
insight into the current problems that surround the banking sector:
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1. Lack of transparency
2. Delayed processing of payment
3. Cost of processing
4. Traceability
5. Data security
4

All these are common problems that impact the banking process. Big financial
institutions like JP Morgan are now willing to employ Blockchain developers and
engineers who can come up with a system that can enhance the pace of financial
processes without compromising on the security of information and transparency
of the process.
5

We know that Blockchain is a distributed ledger technology that allows the storage
of transactions and data. Transparency, immutability, and data security are the
key features of Blockchain technology that make it one of the most popular
technologies in the world.
6

How will Blockchain help the banking finance
Sector?
When it comes to using Blockchain technology for the banking and finance sector,
then there are various ways to achieve the same. Here we bring you a few
pointers :
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1. Faster cross-border transaction- The conventional transaction system
like SWIFT takes a few days for cross-border transactions. It sometimes
delays business operations. Moreover, the cost of processing the transaction
is another problem that surrounds the conventional banking system. But, with
the help of Blockchain technology,
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we can overcome this problem. Companies like Ripple are working towards
creating a platform which can induce faster transaction and lesser processing
fee, which is eventually going to help the banks and the financial institutions.
9

1. Smart contracts- When we talk about Blockchain technology, then we
cannot undermine smart contracts. These are digitally pre-programmed
contracts that allow that are executed when the conditions specified by the
two agreeing parties are met.
10

Since the smart contracts are pre-programmed, there is lesser or no
probability of change in the contracts and delay in the payment. Once the
conditions mentioned in the contract are fulfilled, the payment is released,
thus making the entire transaction process faster and easier.
11

3. KYC or Know Your Customer- One of the key investment areas in the
banking and financial sector is the KYC. As per the Thomson Reuters survey,
financial institutions spend around $60 million up to $500 million to keep up
with Know your Customer (KYC) and customer due diligence regulations.
12

It not only consumes money but also a lot of time, and still, we are unsure
whether the KYC is accurate or not. But with Blockchain, we can resolve this
issue. Blockchain will allow an organization to access the verification details
of the client by the other organization, thus culminating the need to have
repeated KYC.
13

. Lesser frauds and data security- These two are the biggest threat that the
banking and financial institution face. Since everything floats in the digital world,
there is a need for a system that can guarantee safety. We have seen many cases
of phishing, cyber attack, data threats that have haunted the banking system. But
with Blockchain, we can reduce the same. Since the Blockchain system is
decentralized, and every data is time-stamped, there is minimal or no scope of
data hack or alteration. Thus, reducing the probability of fraud.
14

The Way Ahead-
All these factors make the use of Blockchain technology in the banking and
financial sector inevitable. At the same time, it also opens the gateway of job
opportunities for the ones who are aspiring to make a career in the field of finance.
15

Since many companies are looking for certified Blockchain professionals, you
must enroll for a certified Blockchain program today. Blockchain Council, one of
the leading platforms offering Blockchain certification, ensures that you get the
best knowledge and hands-on experience. Connect with them today to enroll in
this program.
16

Blockchain Council Certifications
You can check out our certifications, and kick start your career in the Blockchain
space today.
● Certified Blockchain Expert
● Certified Blockchain Developer
● Certified Smart Contract Developer
● Certified Solidity Developer
● Certified Ethereum Developer
17

THANK YOU!
Any questions?
You can mail us at
hello@blockchain-council.org
Copyright © Blockchain Council www.blockchain-council.org 18

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