Implementation of Blockchain in the Financial Industry to Enhance Scalability

Abstract

At the outset of its implementation, cryptocurrency's public transaction record was built using blockchain technology. In any case, blockchain innovation has as of late been examined for at the outset of its implementation; cryptocurrency's public transaction record was built using blockchain technology. Recently, blockchain technology has been explored for a wide range of applications beyond the domain of cryptocurrencies. This is because the technology has unique traits like decentralization, security, transparency, and resistance to tampering, all of which contribute to its growing popularity. This is because blockchain technology has several unique characteristics. These properties are quite beneficial for a range of typical issues seen within the realm of finance nowadays. Therefore, blockchain technology can spark a revolution in the financial sector by altering the practices of numerous financial businesses. Because of this, blockchain technology has the potential to completely transform the banking and finance industries. In this article, we supply a high-level overview of five utilization of blockchain technology within the finance industry that is expected to undergo significant transformations soon.