Mapping The Blockchain For Financial Services Market Segment
Blockchain in finance has untapped potential; if developed it can lead to a financial revolution. From saving on administrative management to transaction costs, using blockchain for financial services is the best thing you can possibly do. With the smooth transfer of digital assets, the role of central parties is eliminated, and there is increased trust, resilience, accuracy, and efficiency in the financial sphere.
So, to take the revolution a notch higher, we at Prolitus offer tailored solutions to integrate blockchain in finance. Our team of experts live and breathe blockchain. From the best blockchain engineers to subject matter experts, designers to campaign managers, you can find them all with us. Their deep domain knowledge has enabled us to make the most intuitive and customized blockchain-based solutions across the finance spectrum.
We leave no stones unturned to turn business transformation challenges into opportunities, reduce operational costs, and create new revenue streams. So, it is time you become an early adopter and drive new revenue streams.
Business leaders, CFOs, and chartered accountants are tapping into the prowess of blockchain to have seamless payments and post-trade processing. If you wish to get the same benefits or more, we can help you make the best products and convert your dream into reality.
Sounds exciting? Connect with our subject matter experts today to know more!
Featured Offered by Prolitus
Access to Capital Markets
Reduced settlement time and costs and no single point of failure lead to efficient digitizing and combatting risks.
Faster Payments and Remittance
Expedite payments and remittances, leverage a solid peer-to-peer network, enjoy secure mechanisms and low transaction processing fees.
Say goodbye to third-party functions and paperwork and have a smooth trading process. Get access to real-time information and pave the way for digital transactions.
Streamlined Banking and Lending
Maintain authenticated documentation, streamline KYC/AML data verification, disbursement of funds, and reduce operational costs.
Improved Risk Management
Automate, streamline, and accelerate risk management to focus on core tasks and streamline risk management processes to focus on urgent business issues.
Manage Invoices and Billing
With blockchain in finance, you can upload invoices via smart contract, and there will be no harm to your information. Once your bills are settled, the status of the invoices will be updated, and both parties will be informed.
Future of Blockchain in Finance
Auditing is not only a time-consuming but expensive process too. Besides, there is no room for transparency in a traditional system. In the current scenario, auditors only show some pieces of information while successfully hiding others. This further leads to malpractices and non-compliance.
Since no one can tamper records on a blockchain, auditors can easily check them and analyze the whole situation with ease. Not only will it streamline the entire process, but it will also put an end to unethical practices.
Since all processes will be transparent, there will be reduced errors in transactions, efficient mechanisms, and that will lead to seamless customer experiences.
Potential Benefits of Blockchain Applications in Finance
Blockchain’s distributed consensus mechanism eliminates the need for data intermediaries and a single point of failure.
Acts As A Single Source of Truth
All participants have access to the same data, and there is no scope of confusion or tampering with the data possible.
The immutable ledger and data distribution transparency facilitate business collaborations and pave the way for smoother decision-making.
Blockchain supports smart contract development that lets businesses automate business operations and enable trust and transparency in the system.
Data privacy across each layer of the software stack is ensured, enabling businesses to share selective data with their network.
High Transaction Processing Speed
Enjoy transactions speeds upto 1000 tps with private and hybrid networks of blockchain.
Why Choose Prolitus As Your Blockchain Finance Partner?
Joining hands with Prolitus means getting access to a team of fintech experts with real-world blockchain experience and the best attitude towards customers.
- Get Expert Advice : Our team of experts will help you develop a clear roadmap, deliver on your commitments, and even build a dedicated community.
- Accelerated Development : With a clear roadmap and approach suited to your target audience, you can get the best of products in the least time without compromising on the quality.
- Unparalleled Customer Support: We offer post-delivery services so that you can focus on bringing in more business while we manage the product.
- Outcomes That Last: We make sure you get long-term value from our products and capitalize on gains.
Frequently Asked Questions
Are there any benefits of incorporating blockchain in finance?
- Faster transactions
- Better security
- Lower costs
- Excellent data quality
- Increased accountability
- Advanced data protection and reduced frauds
Can we say blockchain is the future of finance?
Blockchain is all set to rule the roost and emerge as a winner, whether it is record-keeping, expediting the speed of transactions, collateral management, registering assets, or achieving financial efficiency.
Why is there an emerging need for DeFi?
Decentralized finance (DeFi) lets platforms provide top-notch financial services without intermediaries. This is achieved using smart contracts and automated protocols.
Will crypto and blockchain revolutionize the traditional finance sphere?
Blockchain has in it to bring the necessary transparency and efficiency in the banking industry. It will also open new avenues for investments and diversify portfolios.
What is the role of decentralized exchange in crypto finance?
Decentralized exchanges let you conduct peer-to-peer crypto transactions online in a safe manner without the need for an intermediary.
What are some of the short-term benefits of blockchain in the financial sector?
Blockchains in the finance sector will lead to better capital optimization and a reduction in operational costs for financial institutions.
Can blockchain reduce finance-related cyber risks?
Yes, blockchain can eliminate risks by making all participants key stakeholders and eliminating the need for intermediaries. Since all transactions are verified and recorded on the ledger, it will reduce fund management risks to a great extent.