The Multi-Faceted Power of Blockchain Technology in the Industry of Financial Services
Having emerged as a disruptive force in the financial services industry, blockchain technology offers unparalleled advantages. It is a new era of innovation and a trend enjoying rising popularity for several reasons.
With secure decentralized methods for identity verification, the risk of fraud is significantly minimized, while having all onboarding processes streamlined. Per McKinsey, using blockchain for efficient identification could save up to $650 million annually for businesses.?
Other than this, it will ensure complete data security and privacy as it will allow individuals to have control over their personal information while enabling secure access to their desired financial services. Gartner estimates that 15% of organizations all over the world will have blockchain inducted to offer consumers seamless experiences.?
Blockchain makes room for cost-effective microtransactions that are cost-effective and allow for frictionless payments. This benefits small-value goods and services immensely while giving way to previously untapped sources of revenues. According to Statista, the global market for micropayments is estimated to be at $116 billion by 2025, if blockchain is involved.?
Per World Bank, blockchain has the potential to reduce remittance costs arising in cross-border payments by up to 90%. It provides transparency in such payment procedures and saves time. It allows for direct lender-borrower interaction as well.?
Like many others in the FinTech sector, ScoreMe also believes in the power of blockchain technology. ScoreMe has always been keen on providing services that perform, which is why we also have a Digital Lending Toolkit. With AI-powered tools and high-quality effective data security measures, you can now streamline your lending goals with ease!