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Fintech Accepting Blockchain to Ensure User's Privacy

Published Tue, Apr 05 2022 13:20 pm
by The Silicon Trend

 

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Fintech Accepting Blockchain to Ensure User's Privacy

 

Why Blockchain?

Blockchain is a platform that permits data recording most protectively, making it nearly impossible to change or break into the system. In addition, the technology is a distributed ledger that tracks assets in a business network, ensuring security, transparency, and efficiency. This makes one of the most attractive attributes of Blockchain is decentralized ownership.

Furthermore, the platform keeps a reliable record of each transaction that eradicates the idea of changing previous transactions. Hence, one can say the tech can create each transaction entirely fool-proof.

 

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Blockchain Ahead of Cryptos

There is a deep learning curve with the evolving tech that the Indian Govt has set up a Centre for Excellence in Blockchain Technology under the Ministry of Electronics and IT. The Govt is leveraging Blockchain in the Digidhan Portal - a platform for precise reporting, monitoring, and analysis of all sorts of e-payment transactions in India.

One of the Big Four accounting organizations - PricewaterhouseCoopers (PwC), predicted that the Blockchain will improve over 40Mn jobs worldwide and add $1.76Tr to the world economy by 2030. So there is surplus potential in accepting the tech, particularly if you're from a Fintech space, where each transaction needs absolute privacy.

Currently, India has around 500 blockchains in Fintech start-ups. Blockchain can minimize the risk of financial fraud, offering a higher sense of security to users.

 

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The Future of Blockchain

Each user has different financial needs. With customized digital journeys, the emerging tech makes the whole digital lending ecosystem accessible, reliable, and transparent for the users.

The Indian Govt has always motivated start-ups to offer each sector a level playing field. On the international stage, the country's prime minister- Narendra Modi, has addressed the contribution of start-ups to the country's economy and motivated investors to consider investing in India's potential. As long as Govt rules and regulations are specific to the industry, one must look forward to bringing in the blockchain ecosystem - a technology with a promising future in India.

 

Also Read: Andrew Ng Foresee the Next Decade in Artificial Intelligence