The financial services industry is witnessing an increase in the number of advocates for the distributed ledger technology adoption every day, with this there are high adoption of blockchain solutions for payment, smart contracts, and digital identities and rising government initiatives.

Today, central banks, commercial banks, stock exchanges and many other Financial Services players are keenly exploring #blockchain’s potential. Blockchain increases trust, security, transparency, and the traceability of data shared across a business network — and delivers cost savings with new efficiencies. Blockchain for business uses a shared and immutable ledger that can only be accessed by members with permission.

Depending upon the blockchain, parties may be able to view previous ledger entries and record new entries, although most blockchain networks have complex rules for the addition of new groups of records, “blocks”, to the chain of previous records. The blocks and the contents within them are protected by powerful cryptography, which ensures that previous transactions within the network cannot be either forged or destroyed.

Several crypto projects are added to the blockchain almost daily, yet some don’t provide any utility while others offer no distinguishing features.

#Blockchaintechnology has the potential to provide a much faster and cheaper alternative to traditional cross-border payments methods. Indeed, while typical money remittance costs might be as high as 20% of the transfer amount, blockchain may allow for costs just a fraction of that, as well as guaranteed and real-time transaction processing speeds.

However, there are hurdles to be passed, including regulation of cryptocurrencies in different parts of the world and security concerns. Nonetheless, this is one of the most promising and talked about areas of blockchain technology application.

Blockchain technology has the potential of transforming and revolu.