BLOCKCHAIN
FOR BANKING

 

 

 

There are multiple processes in Banking and Financial Services that rely on certification processes. From the professional certificates that finance professionals need to hold to perform some regulated tasks to the certificates that are needed to approve a loan or mortgage.

Along all their value-chain, financial services have complex processes with multiple stakeholders, inherent inefficiencies and frequent manual errors and delays. 

These processes could be significantly simplified by incorporating certifications and smart contracts in the blockchain. For instance, smart contracts could automatically verify land ownership and interface with various stakeholders such as legal and tax departments. By eliminating silos, a blockchain solution would remove inefficiencies, reduce time and cost, and support better customer experiences.

Blockchain Benefits

Blockchains technology allow you to issue digital certificates that are impossible to fake, easy to distribute  and far more durable and secure.

  • Be more secure, having improved secure storage of customer data
  • Be more effective, reducing of labor-intensive processes and excessive costs
  • Be more transparent, reducing opportunities for corruption and abuse
  • Be more trustworthy, increasing trust in banking 

Vottun protocol can help financial services companies to streamline their current certification processes and take advantage of the blockchain technology. Vottun works with public and permissioned blockchain allowing interoperability between actors in the ecosystem that rely in different blockchains.

If you are in the Financial Services,or you have customers in Financial Services, and would like to explore if blockchain is the right technology for your particular use-case, we recommend you to contact us so we can help you arrive at a meaningful business concept.

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