What can blockchain be used for in finance (Applications of blockchain in the financial industry)?
What can blockchain be used for in finance? For example, through debit cards fr
What can blockchain be used for in finance? For example, through debit cards from banks or digital currency payments, users can directly purchase and exchange fiat currency, dollars, and more. These assets can be traded without involving intermediaries. The advantages of blockchain technology are preventing forgery and fraud, reducing costs, and making users more confident. Blockchain can effectively solve problems that traditional banks cannot handle, such as credit loans and cross-border remittances. (Chain Tower Think Tank)
Applications of blockchain in the financial industry
The application of blockchain technology is changing the current situation in the field of financial technology. According to statistics from the China Banking Association, in May 2018, more than 30,000 financial institution employees globally participated in pilot projects for payment and settlement platforms based on distributed ledger technology. According to the latest report released by the central bank’s data center, in 2019, a total of 94 projects (5% of the total) of the “Internet +” payment settlement system application were completed in China throughout the year.
Since the first quarter of 2019, “digital ticketing,” “digital asset trading,” “virtual currency,” and “encrypted digital identity” have become hot topics in various fields. Among them, encrypted assets including Bitcoin have become one of the most innovative technologies, and their value is stronger and more attractive compared to other mainstream encrypted assets.
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