Blockchain for Industry 4.0

Chapter 3 Blockchain in banking and financial services

Himanshu Falwadiya, Sanjay Dhingra, and Shelly Gupta

Guru Gobind Singh Indraprastha University

DOI: 10.1201/9781003282914-3

CONTENTS

1. 3.1 Introduction
2. 3.2 Benefits of Blockchain Technology
   1. 3.2.1 Lowering costs
   2. 3.2.2 Data privacy and security
   3. 3.2.3 Transparency
   4. 3.2.4 Disintermediation
   5. 3.2.5 Operational efficiency
   6. 3.2.6 Reduce error solving and reconciliation
3. 3.3 Application of Blockchain Technology in Banking and Financial Services
   1. 3.3.1 Know your customer (KYC)
   2. 3.3.2 Trade finance
   3. 3.3.3 Accounting and auditing
   4. 3.3.4 Digital currency
   5. 3.3.5 Cross-border payments
   6. 3.3.6 Taxing
   7. 3.3.7 Capital markets
   8. 3.3.8 Insurance
   9. 3.3.9 Other applications
4. 3.4 Challenges of Blockchain Technology
   1. 3.4.1 ...