5 blockchain use cases in finance that show value

Financial institutions traditionally work as intermediaries moving payments between different entities, which involves complex and time-consuming processes that add friction into transactions.

Blockchain can streamline these processes — notably reconciliation as well as clearing and settlement — For example, in April 2020 European financial technology company SIA launched a blockchain infrastructure to enable the Spunta Banca DLT, a private permissioned distributed ledger technology-based project for interbank reconciliation that is promoted “The reconciliation process for interbank transactions in Italy — formerly governed “With multiple parties involved, the task of identifying and addressing inconsistencies has historically been hampered Similarly, the financial industry can use blockchain to eliminate the manual processes required to collect and share the documents often required for transactions, whether those documents are custom forms, insurance policies or other myriad types collected by banks and financial services firms.