Applications of blockchain in finance

Blockchain has many potential applications in the finance industry. Blockchain in finance is currently the hottest topic in the industry, and major banks and financial organizations are researching to find ways to adopt blockchain technology, primarily due to its highly desired potential to save costs. These applications include but are not limited to payments, cross-border payments, remittance, trade finance, supply chain finance, security trading, clearing and settlement, accounting, identity, KYC and AML, insurance, post-trade settlements, financial crime prevention, lending, and borrowing. We discuss some of these next.

Insurance

In the insurance industry, blockchain technology can help to stop fraudulent claims, increase the speed of claim processing, and enable transparency. Imagine a shared ledger between all insurers that can provide a quick and efficient mechanism for handling intercompany claims. Also, with the convergence of...