When it comes to maintaining a secure decentralized identity and payment records, blockchain technology is unmatched.
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.