Challenges That the BFSI Sector Encounters with Blockchain
Blockchain technology in the BFSI market has certain advantages like enhanced security, improved service efficiency, unchangeable records, and easy and smooth transaction time. While it is expected that the demand for blockchain technology will continue to rise in the coming years, it also cannot be denied that the same comes with certain challenges that the BFSI sector face presently. Some of these are a result of switching to a new technology, whereas some are due to the technology being in its initial stage. The main market challenge that the BFSI sector has faced with Blockchain technology is the issue of limited scalability. It has come to light that traditional payment providers enjoy enough transaction capacity compared to cryptocurrencies. Visa is capable of doing 1700 transactions every second. With bitcoin, this number is limited to only 4.6 transactions per second. Hence, besides the blockchain transactions being entirely dependent upon network congestion, it is also important to mention that Blockchain in BFSI is not at all scalable. Thereby, the financial sector is only adopting the use of blockchain models committed to offering scalability as well as security instead of focusing just on decentralization. Fortunately, with Q3 Technologies, you can get rid of all such blockchain-related issues with ease.
How Does Blockchain Technology Work for the BFSI Industry?
Blockchain is built of independent blocks of data incorporating a chain of few related transactions that are linked to one another in succeeding order. It lets everyone, including all your clients, prepare and share the digital ledger without any central authority over the web using your computer. Blockchain ensures safe, secured, transparent, and efficient dealings for the banking industry with its customers. Cross-border transactions can also be done instantly- often referred to as the speed at which information is passed on using the mobile network. Not only for e-Commerce but blockchain technology also eliminates the need for manual transactions in the banking and finance industry. It also comes with many other benefits that you will discover with use and time.
Use Cases of Blockchain in BFSI
Assures faster payments
We offer blockchain in service assuring faster payments for our customers in the banking industry by setting up a completely decentralized channel for the purpose of making payments. Banking and financial institutions can also use the trending technology to cut down the processing fees.
Reduce needs for verification
Q3 Technology’s skilled professionals help banks use blockchain technology to reduce the verification requirement from any third party, which speeds up the transfers with ease. It is believed that blockchain technology will transform the BFSI industry by the year 2025.
Direct clearance and convenient settlement system
We at Q3 technology believe that a well-spread ledger technology such as Blockchain will enable direct settlement of the banking transactions and also keep track of these in a better way, as compared to the prevailing protocols like SWIFT.
Enhancing buying and selling of assets
Q3 Technologies works to help you use blockchain technology to enjoy buying and selling the assets with a low exchange rate and without the need to pay anything to the middleman. Whether selling or buying stocks, shares, debts, and commodities, Blockchain helps track all your deals and related data.
Peer to Peer transactions
We at Q3 Technologies believe that Blockchain lets banks and financial institutions realize transactions with ease between peers or customers and sellers. Such transactions are carried out with utmost security at the least possible time using the online platform. Storing sensitive data and addressing the limitations are not a big deal with Blockchain.
Fundraising, credits, and loans
We understand how complicated all three of these services were under the traditional banking system. With the use of blockchain technology, there is no need to undergo complicated processes to raise funds or apply and get approved for loans and credits. Everything can happen with just a few vital pieces of information.
Why Choose Q3 Technologies to develop Blockchain for BFSI?
We are passionate team of Blockchain development professionals
Q3 Technologies is a committed Blockchain development company providing services to the BFSI industry, thereby making banking transactions easy and smooth for the users.
We ensure Global Brands with secured and timeless transactions
Q3 Technologies houses a team of professionals with years of training and expertise to offer the best Blockchain to the BFSI market. We are committed to ensuring a secured and timeless transaction helping to develop your relationship with the clients.
We implement a unique approach to customize your Blockchain Technology needs
Q3 technologies take the time and dedication to offer you customized Blockchain technology service keeping your requirements into concern, for we understand that every single client we deal with is different from the other and comes with different service requirements.
We excel service assurance with decades of experience
Blockchain technology is a relatively new affair and is currently at its initial stage of development. We have been offering service with blockchain technology since its inception and hold a decade of experience to guide you in the right way with positive results.
Other Industries We Serve
Besides serving Blockchain in the banking industry, Q3 Technologies is dedicated to offering related services to various other sectors at a reasonable time frame and rate. Our client need-oriented service has helped us benefit hundreds and thousands of companies worldwide with assistance from our expert professionals.
