PALO ALTO – The rapid digital transformation across the financial services domain brought competition for banking corporations all across the world. HashCash Consultants, a global frontrunner in blockchain development, aims to bridge the gap between fostering collaboration instead of competition between the two segments using cutting-edge white-label blockchain innovation.
The fintech sector continues to push forward innovation across a long-stagnant sector. However, they often suffer setbacks being small startup enterprises. Banks and financial institutions may opt for collaboration with these fintech providers or upgrade their own infrastructure. Blockchain innovation has been an evolution offering a chance to improve while keeping the existing infrastructure.
HashCash CEO and noted blockchain pioneer Raj Chowdhury states, ”The BFSI sector is currently the biggest adopter of blockchain innovation due to the scope it offers. While being essential for crypto trading services, blockchain is also an integral step towards digital finance transition.”
Blockchain comprises Distributed Ledger Technology which facilitates effortless sharing of transactional data all across the network members in real-time. The process eliminates intermediaries reducing operational costs. Its consensus mechanism also authenticates data, while the smart contracts expedite transactions without trust concerns. All things combined, blockchain can be used to optimize payment processing, ACH solutions, digital ID systems, and more.
“Blockchain is a significant force behind the global fintech revolution. The technology is transforming the ecosystem with transparency, security, and privacy-all key ingredients in the fintech architecture,” concluded Chowdhury, who had previously voiced his views on crypto regulation and the role of crypto literacy in preventing DeFi scams.
HashCash has been spearheading the digital transformation with native blockchain-powered solutions for a wide range of applications, including banking, financial services, supply chains, corporate networks, and more. The company won top honors in blockchain development from a global business research firm and had deployed its products in more than 26 countries across 6 continents. HashCash has also announced the expansion and hiring plans across India and Dubai, along with discounts for all its white label business products and solutions.
The disruption of digitization across financial services requires adapting to the latest technical advancements for both banks and the fintech sector. A collaboration between these two domains can help enhance their sustainability. The sectors should also utilize the blockchain to leverage the best growth opportunities for their business.