Having a fast transaction is what all of us need. Besides that, blockchain technology is adopted in supply-chain finance, disrupting the financial sector and reducing bank and trade financing costs. Generally, improving transaction efficiency permits the movement of the financing channels to operate smoothly. Blockchain technology will be an excellent use for trade finance transactions in banks. Documents like LCs, Shipping bills, Bills of lading, and Tax invoices will be stored in a single location where all the parties can access them. All we have to do is to choose the proper application and be open to change.
Fintech is in its evolving state like any other tech-oriented industry. There are a lot of applications created every day to manage and process payments in a better way. Blockchain technology has developed a new dimension to the Fintech industry. It can provide the potential to bring out essential changes in operating processes and business models. Eventually, start-ups started showing interest in exploring blockchain in the Fintech industry. If mismanaged, it might lead to long-fund raising cycles, increased losses and missed targets. But, blockchain technology’s impact surpasses the challenges.