Blockchain presents streamlined workflow architecture and newer opportunities for capital market firms.
FREMONT, CA: With the advent of the internet, technology has been growing exponentially, and the financial services industry has been the stalwart in the tech-innovation. It is the first of all sectors to embrace process automation and reap biblical profits with it entirely. The acclaimed digital journey converges to leverage novel technologies like blockchain that has completely transformed the way businesses run. Blockchain has enormous power to expand existing markets by reducing cost and create entirely new markets. Countless innovations in capital markets are aligned to the front office. Foundation of the relational database system may have eliminated the paperwork, facilitating security trades in a blink of an eye.
The distributed ledger technology eradicates the need for such a central repository by settling an asset trade among the counterparties in no time. It can settle millions of such transactions per second, saving a considerable amount of operational cost to the enterprise. Transparent and perpetual blockchain network needs a database that is decentralized and virtually available. It will every partner with every network to verify and authorize a business transaction. Adoption of blockchain in the market will lead to a countless number of business entities looking to modify their existing business landscapes, thus creating a significant requirement for legacy modernization. Integration with non-block chain systems will be an indispensable business necessity in the near future.
Technology giants are exploring blockchain as a service solution through considerable investments. Arguably none of the technologies has been such a disruptive innovation since the advent of the internet. The concept has engulfed the world of capital markets and trade. It has revolutionized the strategy to data management and sharing offered as a solution to meet many of the inefficiencies bothering the industry. The application of blockchain is still at its infancy and is bound to take some time to be widely adopted in business enterprises.