Blockchain technology is fast emerging as one of the most promising innovations in the information technology (IT) sector. It offers a host of advantages, such as enabling faster settlement, omitting the need for financial institutions to authenticate transactions, minimizing duplicative recordkeeping, eliminating reconciliation, and reducing error rates. These benefits not only hold the ability to revolutionize the banking, financial services, and insurance (BFSI) sector, but also offers a world of opportunities for end-use industries such as consumer goods, IT, and media and telecommunications.
Considering the many advantages this technology presents for a wide range of industries, there has been a surge in investments by players to reap these benefits. While critics fear that the market will have to battle against ongoing regulatory uncertainties as well as security issues, there is no doubt that blockchain technology will have a much stronger role to play in financial transactions across several industries.