Blockchain technology clearly has the potential to revolutionize industries. The technology has ignited curiosity among industries and sectors, especially in finance. Blockchain has often been called “the future of financial services infrastructure”. While the financial sector has dominated the headlines over the past couple of years, other industries are beginning to embrace this technology in Read more about How Blockchain Will Write a New Era for the Accounting Industry[…]
Blockchain is continuing to march at the forefront of the fintech boom and one can clearly notice the ramifications for system efficiency and simplification across the investment banking ecosystem. While the impact is likely to be huge long term, the technology is still going through the typical growing pains of a somewhat nascent player in Read more about What does Blockchain mean for investment banking?[…]
Banking and technology are very closely associated and innovations have changed banking drastically over the period of time. The digital innovations in the banking sector started with the introduction of money that replaced the barter system and then the gradual replacement of wax seal with digital signatures. One such disruptive innovation which is changing the Read more about Blockchain Technology: Application in Indian Banking Sector[…]
Adding indirect taxes to the mix could significantly boost the business benefits of blockchains. “Blockchain technology could fundamentally transform how businesses and indirect tax administrations operate and interact.” A blockchain may be defined as a distributed ledger of transactions. Like a traditional ledger, individual transactions (unique blocks) are added to the ledger (the chain) and Read more about How blockchain could transform the world of indirect tax?[…]
While traditional audit and assurance services will remain essential, blockchain business applications and new accounting technology are likely to have a significant impact on the way auditors execute engagements. Blockchain technology forms the foundation for an internet-based peer-to-peer network that uses computer-powered cryptography to facilitate exchanges of value. According to the newly released audit and Read more about How can blockchain technology affect audit and assurance?[…]
The global financial system is one of the most popular sectors that could be benefited through the application of blockchain technology. Operating on the basis of highly dependent manual networks, the banking and finance sector is prone to errors and frauds that could lead to a crippled money-management system. According to Global Fintech Report 2017, Read more about How can blockchain technology’s application (rather than other technology solutions) revolutionize the banking and financial sectors?[…]
High-quality infrastructure is important for economic growth. Local governments and construction companies could use blockchain technology to keep track of materials, permits, and contracts. Blockchain technology, underlying cryptocurrencies, can help improve infrastructure. Continued economic growth means routinely reallocating resources to their highest-valued use as new opportunities arise, and this process is hindered when roads, bridges, Read more about How the revolutionary Blockchain Technology Can help Improve Infrastructure and the global economy[…]
Blockchain technology, being a decentralized, distributed online ledger, has several applications beyond the sphere of cryptocurrencies. Below is a list of the benefits of blockchain technology which allows it to be adopted on a larger scale.