Blockchain: Transforming financial services
Introduction
The traditional financial system faces several fundamental problems: high intermediation costs, long settlement times, manual processes that increase the possibility of errors and fraud, and limited financial inclusion in regions with less banking development. In response to these challenges, blockchain has emerged as a promising technology, with applications ranging from cross-border payments, decentralized finance, and smart contracts, to asset tokenization.
This whitepaper explores the transformative potential of blockchain in financial services. We will begin by breaking down the technology behind blockchain: what it is, how it works, and how it is currently being applied.