Digital Immune System
by Sujata Priyambada Dash, Vaibhav Mishra, Bijeta Shaw, Sandeep Kumar Panda, S. Balamurugan
4Blockchain Technology’s Potential Use in Decentralized Financial Services
Dileep Kumar Murala
Department of Computer Science and Engineering, Faculty of Science and Technology (IcfaiTech), ICFAI Foundation for Higher Education, Hyderabad, Telangana, India
Abstract
By leveraging blockchain technology, financial service companies can improve their risk management, security, and authenticity. Several institutions are adopting blockchain technology into their existing trading and banking systems to support smart contracts, enhance transparency and efficiency, and establish new revenue streams. As a result of blockchain’s unique recording capabilities, the current clearing and settlement system is rendered obsolete. Financial organizations and banks are embracing blockchain-based identification solutions to simplify identity verification. Companies that want to succeed in the financial blockchain space must foresee emerging trends and develop blockchain capabilities. Accounting professionals should prioritize financial data measurement, communication, and analysis when discussing the importance of maintaining accurate financial records and transferring ownership of assets. Blockchain technology could improve accountant productivity by making tasks and assets easier to track. This study examines blockchain technology in banking and compiles relevant material. According to this report, blockchain technology is crucial to banking and finance. Moreover, it delves into many financial ...
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