brilliant answers assignment
PLAGIARISM SCAN REPORT
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Date 2020-06-15
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In banking, blockchain have changed customer service, credit scoring, loans & lending, asset registry & management. All this would be
automated using smart contracts in blockchain. All of these process automation would lead to the saving of millions of dollars in cost savings.
In trade finance all the paperwork would be replaced by smart contracts (Veuger, 2019). Additionally, since blockchain is an immutable public
ledger, all the entries would be temper-proof and easily verifiable at any stage. Trasanctions in share market go through a series of
intermediaries but with blockchain all these intermediaries will go away and decisions would be made using consensus-based verification
mechanism. Blockchain technology has taken the world by storm, much of this buzz stems from the tenfold increase in prices of
cryptocurrencies in the market, creating opportunities for speculation to make money and excite hearts. Yet, this technology brings with it a
plethora of solutions which overcomes many of banking system’s current limitations. Blockchain technology runs on a distributed network,
thus renouncing a need for a huge and costly infrastructure to operate (Paschen et al, 2019). This significantly reduces the overhead costs
that are passed on to consumers through fees and other charges when using bank services. The nature of this technology is such that it is a
distributed public ledger which provides full transparency and evidence of ownership. There is no known way to manipulate the ledger which
makes it even more reliable. What’s even more groundbreaking is the existence of smart contracts within this technology. What this means is
that virtually any exchange of value can be written into a program which then operates by certain conditions that execute themselves when the
time comes thus allocating the asset to the person as per the situation and condition written into the contract (Arun et al, 2019). In simple
terms it holds each party responsible for their part in the contract while eliminating the need for a middle man such as a bank or a lawyer. It
also clones and stores the transaction while maintaining the identity of both the parties involved. Blockchain also improves the scope of
microfinance, since the number one issue with microfinance has to do with credit worthiness of its end users. An account holder’s transactions
records is already present in the public ledger which allows for a quick check on these statistics without an external audit (Kim & Deka, 2019).
The public ledger becomes a source of information for finance experts to develop transparent as well as improved strategies to determine loan
limits and interest rates. These processes have to be adjusted to create a justifiable microfinance ecosystem fit for developing markets. The
most exciting fact about this technology is that it targets not one but several problems associated with banking & finance and could be a game
changer in this regard. There are plenty of online polls being conducted worldwide on a daily basis, however voting for elections requires the
person to be present at the booth (but voting can be done online). Moving the process of voting online invites opportunities for frauds and
hacks as the data is highly sensitive. Using blockchain for voting purposes eliminates the idea of the database getting hacked, making the
whole process smoother and secure (Kietzmann et al, 2019). Money transfer is one of the major reasons why blockchain was built. Banks and
other financial institutions take heavy transaction fees for money transfer (even more in case of international transfers). Also, the time taken
for international transfers is quite a lot (can be 5 business days in some cases). Blockchain transfers money from one person to another in a
few minutes and without the need of any intermediary. With blockchain, users will have access to their own data, which cannot be breached or
exploited by hackers or criminals. Additionally, blockchain technology has brought new opportunities in social scenes. For example, there are
already some blockchain community platforms that allow users to earn tokens to run their own communities or contribute content to other
communities. Blockchain technology can benefit e-commerce in two aspects. One is supply chain management. In a blockchain-based
platform, all the information related to logistics, information flows and capital flows will be recorded and kept transparent, so that customers
and buyers are able to verify and validate the true value of the products and services they purchase. The other is payment issue (Tapscott,
2018). Digital currencies and cryptocurrencies will be a payment option with the benefits of low service and real time transfers, thus helping e-
commerce merchants to reduce the risk caused by exchange rate. Blockchain is being used in supply chain to monitor movement of goods
from where they are produced until they reach to the end user (Hyla, 2018). This has greatly helped in managing stoke as managers can trace
the movement of goods as well as recover lost goods. Supply chain activities are now transparent as each activity is recorded on the
database. Transparency creates good relationship between business owners and clients. Information on blockchain database is being used
by business owners to track potential suppliers, the fact that information used is credible only the best partners are selected to a part of the
business. Customers’ ability to interact with the organization through block chain creates a good relationship and also enhances business
reputation. Thanks to blockchain one can now easily access financial statements from the database, this makes it easy to evaluate business
performance as well as make future plans based on current business performance. Any developments within the organization is instantly
updated on the database hence everyone within the organization gets the latest developments (Treiblmaier, 2018). Having latest financial
reports help in decision making as well as evaluating business performance.
Matched Source
Similarity 12% Title: What are all the use cases of blockchain in finance? - Quora
blockchain technology has taken the world by storm, much of this buzz stems from the tenfold increase in prices of cryptocurrencies in the
market, creating opportunities for speculation to make money and excite hearts. yet, this technology brings with it a plethora of solutions
which...
https://www.quora.com/What-are-all-the-use-cases-of-blockchain-in-finance
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transaction fees for money transfer (even more in case of international transfers). also, the time taken for international transfers is quite a
lot (can be 5 business...
https://www.quora.com/What-are-the-different-use-cases-of-block-chain-technology
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...and validate the true value of the products and services they purchase because of the endemic lack of transparency across supply
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