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Blockchain maneuvering ‘Finance’ and ‘Fintech’.

To start simpler, let’s say marriage between finance and technology is called ‘Fintech’.

Blockchain technology benefits so many areas including so many fields beyond our expectations and in the segment today we will talk about blockchain and its advantages in the finance industry. Let’s begin with its services.

WHAT TECHNOLOGY WILL BRING TO FINANCIAL INSTRUMENTS.

– Authenticity

– Economic benefits

– Labor and time-saving processes

– Computable capabilities.

Implementation of blockchain in finance could get to the following extents.

TRUST AND INTEGRITY.

A major element of the business is “trading” and trading activities depend on trust and reliability. Gaining the trust of the customer can take you to places, hence some financial strategies, and here you have successfully gained the trust that you need in the business. Blockchain can ensure that your client gets all the privacy they need. It also allows the bank to trust clients in cases such as taking a loan. Bank can determine the user based on their credit status, their borrow and repayment history, and other such details.

SECURITY AND CONFIDENTIALITY.

Making sure that providing next-level security is a big deal. Biometric authentication, a synthesis of passwords, personal identifier removal, and particularized access command, are the aspects that make blockchain a trustworthy and securer platform to work on.

INSTANT SETTLEMENTS.

Blockchain can make settlements user optimized giving both parties a noteworthy amount of time and money. Usually, through traditional banking, settlements take almost a week or more but with blockchain, it can be in a blink of an eye.

MORE TRANSPARENCY.

Financial organizations can be more transparent than before making clients easy and comfortable. By necessary encryption and control mechanisms, blockchain creates transparency for users.

LESSER ERROR HANDLING.

Hence blockchain is a very tamper-proof and immutable platform for any data recorded, so it can be traced whenever you want to without any difficulty. This way it puts an end to reconciliation.

‘SMART CONTRACT’ COMES IN HANDY.

Blockchain enables the use of smart contracts within banks, and these smart contracts allow companies to uncomplicate the process of identity verification. It can make data visible on a decentralized network. For example, claiming, verifying, and processing insurance has always been a labor-intensive task that irritates your customers.

HIGH PERFORMANCE.

Giving all finance authorities to the blockchain can digitize the entire trade finance situation with doubled security and efficiency. It can turn on more transparent governance, lower capital requirements, lesser processing times, and reduced risks of fraud and human error.

COUNTERPARTY RISKS.

Counterparty risks happen when there are delayed settlements but it will no longer be a problem when transactions are made instantly.

We, my friend, are blessed to live in the era of ‘Blockchain Technology’. Let us know, how much you’re getting from this series. Follow us on LinkedIn and Twitter.

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Metaverse 101- Newbie guide to a Digital World

Metaverse … a jargon, a new idea, a new revolutionary concept, or a virtual digital land… what is the mystery behind this word?

Metaverse … a jargon, a new idea, a new revolutionary concept, or a virtual digital land… what is the mystery behind this word? The term “Metaverse” was coined by an author “Neal Stephenson” in 1992 in the science fiction novel “Snow Crash”. In his novel, Neal Stephenson visualized the natural lifelike avatars (in computing, an avatar is a graphical representation of a user or the user’s character or persona ) interacting with a 3D (three-dimensional) world.

Recently, the word Metaverse got spotlight due to the fact that “Facebook Inc.” rebranded itself to “Meta Platforms, Inc”. As per Meta (formerly Facebook Inc), “Today at Connect 2021, CEO Mark Zuckerberg introduced Meta, which brings together our apps and technologies under one new company brand”. Read the announcement from Meta.

Glancing in history, we find that the advent of the Internet and most especially the World Wide Web (aka WWW) has significantly impacted human societies. Nowadays, our lives have transformed to the extent where we cannot envision our lives without being connected to any network or platform provided by the internet. However, even with the advancement in Internet (also WWW) technologies, until most recently, we were not able to communicate or connect and imagine ourselves interacting with each other virtually in the 3D realm.

So, what do this means for the internet and social media communities is an important question? Metaverse provides us the option to interact with each other (obviously, virtually) but to be more in the lifelike arrangement. Simply, this means that even though we are sitting oceans away from each other, using Metaverse technologies, we will feel and imagine ourselves sitting in one room or even flying a plane, climbing Mount Everest, or diving deep under the sea even though while sitting in a comfortable chair in a room.

Another important question is how in the future Metaverse will impact our lives. The answer to this question is very simple… it will impact significantly, and to some extent beyond our expectations. This is apparent by the fact that companies, such as Microsoft, Meta (formerly Facebook Inc), and others have been heavily investing in this technology. Therefore, it is safe to assume that in the coming future we will see substantial changes to the way we live, interact and work… shifting our daily lives to a more digital and virtual one.

Let us know, how much you’re getting from this series. Follow us on LinkedIn and Twitter.