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Home » Topics » Blockchain » Blockchain technology in financial services


BLOCKCHAIN TECHNOLOGY IN FINANCIAL SERVICES



by Aaron Hurst10 February 2022
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This article will explore the most valuable business use cases for blockchain
technology in the financial services sector



Ever since Bitcoin came to the fore as a cryptocurrency providing an alternative
to traditional finance, blockchain has been demonstrating its capabilities
within financial services. In this article, we take a closer look at how
blockchain technology is driving value for financial service organisations.


THE VALUE OF DEFI

One key financial services use case for blockchain comes in the form of
decentralised finance (DeFi) – global, autonomous capital markets that are
powered by smart contracts that reside on the technology. Decentralised exchange
platforms are allowing users to benefit from the interoperability, immutability
and faster verification that traditional spheres sometimes lack.

Kapil Rathi, co-founder and CEO of Crosstower, explained: “Blockchain and its
related technologies (digital assets, smart contracts, etc.) can bring
significant improvements to the financial services market. By posting all
transactions to a blockchain (public ledger), there can be certainty and
transparency about the transactions occurring within a financial market.

“DeFi allows for the swapping of digital assets in a decentralised,
non-custodial manner, thus reducing counterparty and custodial risk. Digital
asset investors have traded hundreds of billions of dollars of trading volume on
these blockchain-powered decentralised exchanges, highlighting their growing
popularity and promise.

“Moreover, blockchain has also enabled money-market protocols to spring up,
allowing users to obtain loans on their digital assets. Thanks to the
blockchain, lenders can gain transparency into the health of these loans and the
collateral they are backed by. There have already been tens of billions of
dollars’ worth of digital asset loans originated through DeFi protocols.”

> Blockchain technology applications in healthcare
> 
> This article will explore how blockchain technology applications have been
> driving value across the healthcare industry. Read here


DLT AND TOKENISATION FOR PAYMENTS

Distributed Ledger Technology (DLT), which allows for simultaneous and immutable
access across multiple locations in a network, has proved useful in reducing
payment and settlement complexity. This has been especially prominent as
cross-border activity rises globally.



“In an age of digital transformation, the financial services sector is actively
looking to the adoption of new technologies to enhance the effectiveness of
payment and settlement systems. This is particularly true for large financial
institutions managing large volumes of intraday liquidity,” said Rhomaios Ram,
CEO of Fnality.

“As it stands, for payments to be made, especially on a cross-border basis,
banks often need to communicate with many other intermediaries along the chain
to effectuate the transfer and move the balance as required. This process is
slow and often risky, made more complicated by the lack of transparency and
clear communication lines. The demand for faster, secure, cross-border
transactions is on the rise, and emerging technology is naturally positioned to
address these concerns.

“Tokenisation and adoption of blockchain and Distributed Ledger Technology (DLT)
is revolutionising the world of payments, removing the frictions associated with
payments and settlement. By researching and testing the advantages on offer
through decentralised financial market infrastructures, banks and financial
institutions are able to carry out payment transfers instantaneously and
securely, at a fraction of the cost.”


USE OF BLOCKCHAIN NETWORKS

Decentralised financial operations have benefitted greatly from networks built
on public blockchain. Hosting transaction data on these networks allow for
transparency and visibility from all users involved.

However, Conor Svensson, founder and CEO of Web3 Labs, believes that regulators
need to bring this infrastructure further up in their agendas, for financial
service bodies to drive true value.

Svensson explained: “We have seen financial institutions offer institutional
cryptocurrency product to meet the demands of institutional investors. Whilst on
the surface, this may not sound like a key value driver, other than providing
additional revenue sources for the firms making such access possible, I believe
it is a key step in facilitating mass adoption of some of the key innovations
taking place on public blockchain networks such as Ethereum.

“With the innovations during the past two years in DeFi, investors are able to
get yields that far surpass what is currently available in traditional bank
savings accounts. The savvy users of DeFi, can see returns on crypto assets that
are pegged to the US dollar achieve yields of 7%+ per annum, far exceeding what
people can get in bank accounts. It is this type of innovation and
infrastructure that is gradually being institutionalised, and as it does, we
will start seeing new financial products and services being offered to consumers
which offer them far more value than what is currently available.

“The crypto-onboarding by Fintechs was a key step towards this, however, what is
also required is greater regulation to protect consumers (especially in the US),
which I believe we will start to see in 2022. With this in place, we will start
to see financial organisations driving more value both for themselves and their
customers, providing access to DeFi in a more consumer friendly manner.”

> The future of Fintech – where are we heading in 2022?
> 
> Sebastien Marchon, CEO of Rydoo, predicts what the future holds for the
> Fintech space over the course of 2022. Read here


FS AND WEB 3.0

The concept of Web 3.0 — the decentralised web — is growing in prominence, in
which blockchain technology is set to play a major role. An emerging idea for a
more autonomous, intelligent internet powered by DLT and big data, among other
capabilities, Web 3.0 is believed by some experts to be the transition that
financial services need to successfully innovate in the coming years.

“Blockchain may be the foundation for Web 3.0 and the metaverse, but I believe
that it’s also the key that will allow today’s financial institutions to
continue to participate in tomorrow’s reality,” said Marten Nelson, CEO of M10
Networks.

“Yet with companies and investors scrambling to get in on the ground floor and
participate in shaping this new iteration of the web, it’s worth exploring some
of the unintended consequences of this mass move toward decentralisation and
what role, if any, traditional financial institutions should play.

“As a customer, Web 3.0 has the potential to add a lot of friction to my life.
Clearly, it would be much easier if I could earn and spend money without making
multiple conversions or needing to maintain multiple wallets. I want less
complexity, not more. We’re thirteen years into Bitcoin and it’s still far too
complicated to use in a truly decentralised fashion.

“If financial institutions want to stay relevant in the era of Web 3.0, they
must find ways to address these inefficiencies. Central bank digital currencies
(CBDC) may play an important role, as could digital currencies issued by
regulated financial institutions such as banks. However, for this to happen,
financial regulators must come to terms with the fact that Web 3.0 is here and
that if the players in our current two-tier monetary system want to continue to
participate, it will require vast upgrades to today’s payment infrastructure. We
must take steps to create an environment where transactions are global and where
payments are expected to be instant, safe, and virtually free of charge.”

Tagged: Blockchain, Blockchain Technology, Financial Services



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