When it comes to maintaining a secure decentralised identity and payment records, blockchain technology is unmatched. Q3 Technologies is one of the top companies when it comes to implementing blockchain in many industries including BFSI.
Blockchain is a digital ledger that is decentralized. It exists across multiple servers and is not owned by one user or organization. Transactions are recorded as blocks, which are, then, chained together to form complete transaction records.
Banking and financial services industries (BFSI) have a complex relationship with blockchain. Blockchain application for BFSI provides various opportunities to transform the way people exchange value. This technology in the world of business can be an immutable history of transactions. The records cannot be modified or altered once they have been added to the ledger. On the other side, blockchain is also seen as a threat to the models established.
Q3 Tech maintains that knowing your customer compliance is an important aspect in preventing criminal use of funds and services. This involves establishing the customer’s identity using various documentation, assessing whether a customer possesses a risk, or understanding the customer’s activities to make sure the fund is legitimate. The blockchain is a clear contender for the banks who have been researching ways to share information about the customers in a secure way across their company. Cryptographic can help keep information secure.
The traditional practices like issuing letters of credit, lending, ensuring the parties can take up to weeks to complete a transaction. Trade partners can interact with a trustworthy conversation, by just using a shared truth version on the blockchain, which increases the efficiency and access funding time will be saved throughout the trade process. Q3 Tech is applying these concepts to foster blockchain technology in the BFSI industry.
Though digital payments have become common, transferring money from one person to another isn’t a simple endeavour. But blockchain provides certainty so that the participants can see their ledger of transactions through cryptography. This is how Q3 is assisting the industry in making payments more secure through blockchain.
Blockchain companies in BFSI sector like Q3 have the ability to settle as well as clear financial transactions on a single network, in a fraction of time.