The growing number of users require maintenance of complete records of fund transactions which eventually consumes more processing time for payments. As a result, it is crucial to handle and manage the transaction data with ease, speed and security against cyber-attacks & credit risks. As a distributed ledger technology (DLT), blockchain is capable of ensuring transparency and preserving confidential data of the stakeholders. The zero-knowledge proof technology solution results in authenticating financial information without disclosure. Additionally, increasing demand for fast & real-time fund transfer as well as growing adoption of digital identity check technologies are some of the major factors set to transform the Blockchain in Banking and Financial Services industry outlook in the coming time.
