How Blockchain Solutions Are Disrupting The FinTech Industry

In case you are really serious about the future of your business, you NEED to think about Blockchain technology. The question arises, why? Well, more than forty world’s major FinTech institutions, comprised of names like Credit Suisse, and JP Morgan has built an alliance to study Blockchain for speedy and secure transactions. By this current blog, you will get a basic understanding of how Blockchain is transforming the future of businesses.

What is Blockchain?

Blockchain, a technology that lets you do secure and transparent transactions. It's the same technology which has driven Bitcoin and other well-known digital currencies.

Blockchain has two crucial roles:

1. Protecting your information

2. Recording your virtual activities performed at the system

Since you've seen a review of what Blockchain technology is, how about we plunge straight into some future businesses which are going to transform through this technology.

Read More: Exploring Blockchain Applications Across Industries

Exchange Money Globally

What do you do when you have to transfer little sums globally? You most commonly go for a money exchange service like Western Union. This trustworthy and reliable agent exchanges cash between its workplaces around the world. At last, balances its records on the backend, by doing some international bank exchanges. These services charge an amount of at least 10 percent or more than that.

Today, blockchain applications in the banking system are changing the process, cash can be transferred around the globe at a lower expense. Organizations like Bitcoin, and Ripple, tapping on this revolutionary financial technology, are changing the manner in which money was transferred around the world.

Permit Fast Borrowing and Lending of Money

Have you endeavored for a loan from a bank? Please be honest: The current loan-based industry has many lackadaisical aspects. Mainly with loads of documents to fill, and a high rate of interest. P2P lending is quickly developing nowadays. Today, both lenders and borrowers can be associated everywhere throughout the world by means of the Blockchain. All without the charges levied by banks on the whole process.

As a lender, you can remain totally unknown and does not have to enroll anywhere. Simply select loan of your choice from the market. Next, start from your wallets. Borrowers can return the loan in an at very low interest rates.

Conclusion

Blockchain technology has come up as a solution for many problems. Through Blockchain, we can globally exchange money very speedily without many problems and now it is going to change the loan based industry. The borrowers and lenders are coming up on the same platform. It is changing the above-said industries very fast but still, there’s a long way to go. When we come to Blockchain development, Oodles Technologies is one of the best Blockchain development company that offers top-end Blockchain solutions to its clients across the globe.