Based on blockchain’s inherent ability to tackle fraudulent transactions, this cutting-edge technology is expected to continue to be adopted in the banking and financial services sector, according to HashCash Consultants CEO Raj Chowdhury.

Chowdhury noted:

“Innovations like blockchain give public finance managers greater visibility and control of the use of public funds in real time. The efficient use of public money will lead to better services for the public, economic boost and betterment of the community as a whole.”

With research forecasting global blockchain spending to reach $67.4 billion by the end of 2026, the banking and financial services industry is expected to remain the largest spending area in the blockchain space, contributing nearly 30% of the total. total cost.

Chowdhury stated:

“The performance of the decentralized blockchain architecture is proportional to the number of available network members.”

He added:

“The underlying crypto platform offers real-time transaction visibility based on authorized access along with hassle-free provisions for eKYC and auditing, leading to an overall better service.”

Blockchain technology not only drives fraud prevention, but also encourages transparency, smart contract enforceability, capital optimization, and instant settlements.

Fraud prevention becomes a reality based on secure blockchain data encryption using multiple layers of security.

Chowdhury had previously recognized that banking infrastructure required blockchain technology to meet the needs of the rapidly changing fintech environment.

Meanwhile, the global market for blockchain technology in the banking, financial services and insurance (BFSI) sector is expected to reach $4.02 billion by 2026, thanks to a surge in FinTech spending, reported Blockchain.News.

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