Using Blockchain technology for transparent and secure Financial Transactions in the Contemporary Business Landscape

Abstract

Blockchain is a very useful technique in many areas including finance/insurance /banking services. It does not require any third-party so it is impossible to delete/alter/temper information once loaded on it. It is time-efficient and cost-friendly. It allows smooth and quick KYC update and permits real-time document verification. The encryption in blockchain network make use of cryptography algorithm and hashing for sharing data between participants. Such kind of encrypted transactions later get added in other blocks in the network. Because of immutability nodes in a blockchain system ledger operate in alignment for validation of transactions. Modification of any individual operation can only happen in consensus of other nodes that renders data more secure and reduces any temper attempts. Utilizing blockchain for fintech has given rise to a new type of model for financial usage which is called as decentralized finance DeFi. DeFi means those technical operations that ensure distributed financial exchange missions on blockchain network the combination of Fintech and blockchain in a DeFi has resulted in transparent, temper-proof, convenient, rigid, robust, and customized financial services and completely uprooted the very existence of third-party intermediaries