Table of Contents
June 11, 2018
June 11, 2018
Table of Contents
Blockchain, the technology behind cryptocurrencies; can be thought of as an open and widely distributed ledger that can document transactions and information between two entities precisely – in an undeniable and everlasting way. It is administered and verified by members of the network, conventionally known as miners. The market potential of Blockchain is huge where according to statistics, the market size of blockchain technology is set to reach USD 2.3 billion by 2021.
Asset management can be defined as an organized practice of evolving, running, sustaining, promoting, and clearing out of assets in a prudent manner.
If you ask- is blockchain the next big trend in asset management? The answer will be- yes it is. The asset management value chain can be transformed with the aid of blockchain technology and the enterprises that embrace it early will harvest the rewards. This technology has the capacity to revolutionize and acclaim asset management business value chains. Also, it is in early stages of progression and is beckoning the opportunities.
Think of a world where people carry a reliable digital identity associated with their transaction history and financial records. Fraudulently, no transaction (financial or asset-based) can take place, owing to a transparent environment and strict security features of blockchain technology.
There are few noted advantages of adopting blockchain technology in asset management across various domains and sectors:
The trusted, tamper-proof, and encoded security infrastructure of Blockchain Development technology, smart contracts, fast auditing and provenant transactions can supplement hospitality and construction sectors in a big way. Hospitality and construction domains require streamlining of portfolio management, client onboarding, and trade clearance services along with blazing fast transaction speed which makes blockchain technology highly favourable for them.
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