There is prevalent conformity that the technology has powerful potential to herald a new age of efficiency in the financial service industry. Blockchain is undeniably one of the most talked-about technologies in the present financial service industry. Blockchain has the potential to provide extraordinary transaction security through cryptography that avoids costly mainframes, data centers and other intermediaries for online financial transactions. Banks and other financial service organizations have already experimenting with cryptocurrency and Blockchain technology. It is expected that Blockchain have major impact, especially on financial services industry due to its ability to reduce transaction costs. Financial services firms have also entered the blockchain space as investors, with corporate venture capitalists becoming the most active investors in bitcoin and blockchain technology. With this article I have made an attempt to present the concept of Blockchain technology and its essentials, impact of Blockchain technology on the financial services sector.
Bitcoin, Blockchain, Cryptocurrency, Distributed Ledger System, Fintech, Financial Service Industry, Digital Money.
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