Throughout history, the finance and banking industry has worked as an intermediary to conduct several financial transactions. They have been giving the trust needed for funds flow. In the finance and banking sector, technology has had a tremendous impact. With the development of information and technology, finance and banking systems have adapted their working style consistently. Now, these industries are connected with different technological networks like SWIFT for the flow of information. That’s why industries entirely depend on technological advancement to perform their daily activities. So, blockchain technology could be an essential catalyst to help the finance and banking sector.

Every day, the banking and finance industry witnesses millions of transactions where transparency, security, and cost efficiency are of utmost priority. Different studies found that nearly 45% of financial intermediaries like stock exchanges, payment networks, and money transfer services suffer because of cybercrime.

Blockchain has gained fantastic acceptance because of its strength in handling secured, cost-efficient, and transparent transaction flow. The technology that started with bitcoin and other cryptocurrencies has expanded into every sector. It has become the biggest accelerator for transformation in financial services like banking, stock market, insurance, and asset management.