Thrymr Software ·Company based in Germany, Singapore & India

The impact of Blockchain on Fintech industry

The impact of Blockchain on Fintech industry

The Impact of Blockchain in Banking

A study was published by Accenture and McLagan in 2017 stating that about eight of the world’s ten biggest investment banks have been forecasted to implement blockchain technology in banking. And in effect, it is approximated that implementation of blockchain will retrench their costs by 30% – to state in absolute figures – between $8 and$12 billion.

  • Internet payments or credit card payments
  • International money transfers &
  • Providing banking services to the unbanked

How does Blockchain fill the gaps in banking?

There are indeterminate incompetencies in most banking setups, and these concerns are majorly pervasive in the clearing and settlement domains of the banks. These gaps which are created by the sheer primal ways of banking and the involvement of hierarchy at multiple levels can be avoided if there is a decentralized system which allows consensus mechanism for faster transactions – hence the need for Blockchain is justified here.

Global Analysis of Investment in Fintech

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  • Digital payments
  • Client Identification system
  • Loans and Credit
  • Insurance

Where does blockchain fit into an innovation strategy?

Blockchain technology has the potential to universally reshape the way business transacts across nearly every industry in the global economy. The key benefits of blockchain technology is the distributed infrastructure’s ability to share information that is secure and provide for the unalterable transfer of data– ensuring data integrity. This makes the technology an important tool in building trust among business and consumers. Both can provide and access accurate data about transactions across nearly every financial service industry from retail banking to insurance to investment banking.

Understanding when and how to build from blockchain technology’s inherent strengths – including asset creation, asset transfer and data reconciliation – will separate the winners and losers as the financial services industry moves from exploration to application.

The thrymr team has good experience implementing blockchain for FinTech companies be it solving a supply chain financing, document management using a government-approved client identification services, capital markets analytics and much more.