Blockchain Application for Value Chain Management in Corporate Banking to Enhance Competitive Advantage

Abstract

The current extent of global technology is swiftly progressing and infiltrating all sectors. Within the financial sector, organizations are continuously seeking to create innovative strategies and solutions that priorities the needs of their corporate clients while maintaining a strong competitive edge over other firms. Corporate financial institutions must strive to maintain competitiveness versus other organizations while also maintaining operational efficiency, security, traceability, and openness. Blockchain technology enables corporate financial institutions and banks to utilize their services and streamline their internal procedures. Banks can enhance their existing processes, including transactions, identity verifications, smart contracts, and internal operations like HR and procurement, through the implementation of distributed ledger technology.