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Blockchain Technology to Transform Financial Services

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Blockchain technology holds enormous promise as digitization is transforming the financial services sector in terms of speeding up transactions and fraud detection .The NSE is experimenting with Blockchain technology,a NSE CTO Sankarson Banerjee on the fifth Cisco India Summit here.

The Blockchain technology is based on distributed storage of data. A Blockchain is a continuously growing list of records called blocks which are linked and secured using cryptography.¬†“Blockchain, we know, is the best way to create immutable record of things. That opens up a lot of use cases for asset verification who owns the asset, where it comes from, things like that or tracing the transaction of an asset,” Banerjee noted.
“The second advantage of Blockchain is that it helps avoid double spend. It allows for unique non-repeatable transaction,” he added.

“Blockchain can make things highly distributed and resilient in ways that traditional data storage technologies cannot. One can distribute a record to thousands of people and yet everybody can be sure that nobody can fake that record. Blockchain is genuinely a different way of doing things. Today, the asset is held in physical form and digital records of it are transacted,” Banerjee stressed, making the point that Blockchain technology should be credited for creating genuine digital asset for the first time.

“While cryptocurrency is a used case of Blockchain, it should not be confused with the technology itself, just as pornographic content, which can be accessed on the Internet, must not be confused with Internet itself,” he added.

 

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