- On November 18, 2018
Blockchain distributed-ledger technology has the potential to enhance security, speed, trust and operational efficiency for organizations in several business areas such as payments, asset management, trade finance, and loans. It can also be used to resolve bottlenecks within regulatory processes such as KYC, fraud and AML.
Blockchain has various advantages over a traditional distributed database. The most significant one is creating trust between parties with an immutable ledger of transactions that has no single point of failure. Moreover:
- Allowing multiple parties to access a single source of truth for transaction data
- Assuring multiple parties, including regulators, that data is valid and hasn’t been tampered with
- Improving efficiencies and reducing costs by removing intermediaries in processes between multiple parties
That’s why Blockchain has the potential to change the way organizations do business, providing a new model on which the next generation of streamlined business applications will be built. For example, in the government, Blockchain technology is a game changer into how government entities operate, share information, trust each other, track transactions and records. Blockchain distributed leader technology is expected to fundamentally change government services and operations.
Also, a blockchain-based marketplace, can enable banks to allow side firms, FinTechs and software vendors to deploy, share and consume services using blockchain distributed ledger technology. As it can bring together both providers and consumers of financial services on the same platform while helping reduce friction, provide greater accessibility and allow innovations to happen at a faster pace.
Blockchain is a technology that adds value by fundamentally enhancing trust between multiple parties so Sumerge has invested in its people, technology and processes to understand how blockchain can be used in core government and financial functions. We are already working with several major institutions to assess and implement a range of blockchain-related solutions across different markets and domains.