One of the most discussed topics in the financial services industry today is blockchain technology. It is the single most confusing term since Bitcoin. Everyone has a vague idea of what it does. We are beginning to understand what a blockchain is, but how can we best use this technology within our business. The Blockchain is a public ledger where transactions are recorded and confirmed anonymously. It’s a record of events that is shared between many parties. More importantly, once information is entered, it cannot be altered. 

Some of the popular use cases for Blockchain inclues :

#1 Future of Governance, Control, Compliance, IP Management

Anything related to governance, compliance and IP Management which requires control will formulate a strong case of Blockchain where users will be able to record and have control. 

#2 Smart Contracts 

One of the most promising applications of blockchain technology is the smart contract. It can execute commercial transactions and agreements automatically. It also enforces the obligations of all parties in a contract – without the added expense of a middleman.

 #3 Speeding up and simplifying cross-border payments

The transfer of value has always been an expensive and slow process. This is particularly true for cross-border payments. The blockchain is able to speed up and simplify this process - and also reduces the costs significantly.

#4  Improve online identity management

When identity management is moved to the blockchain, users are able to choose how to identify themselves and who will be informed. They still need to register their identity on the blockchain somehow, but after that, they can re-use that identification for other services.

#5 Loyalty, rewards, warranties and registration

Blockchain offers many benefits, including transparency and traceability of transactions. This will help banks and insurers to create a more captivating loyalty, rewards program that fits 24/7 performance management and enhances engagement including warranties and registration of products including registry of property.