Frequently Asked Questions
Blockchain is a secure digital ledger technology that records transactions in a transparent and tamper-proof way. In financial services, it is used to improve processes like payments, settlements, and record-keeping by providing faster and more reliable transaction verification.
Blockchain eliminates the need for multiple intermediaries by allowing direct peer-to-peer transactions on a shared ledger. This reduces delays and enables payments and settlements to happen almost instantly, improving overall efficiency.
Smart contracts are self-executing digital agreements stored on the blockchain that automatically carry out contract terms when conditions are met. They reduce the need for manual intervention, speed up processes, and minimize errors in banking transactions.
Blockchain’s distributed ledger allows all participants to view and verify transaction histories in real time. This shared visibility helps build trust among parties and simplifies auditing and regulatory compliance.
Yes. The immutable and decentralized nature of blockchain makes it very difficult for anyone to alter transaction records without detection, significantly reducing the risk of fraud and unauthorized changes.
