Blockchain for Financial Institutions
Blockchain for Financial Institutions
Blockchain - A very useful technology for financial organizations.
There have been many developments in the blockchain industry from past few years and many speculations about the changes and innovations it might bring up in various sectors. Today, lets talk about the technological advancements and cost-cutting improvements that blockchain can have in the Financial Industry sector.
As a consultant myself, I have been closely working with few of the major financial and insurance sector companies for the development of internal tools using blockchain concept for these companies. When majority of people talk about the implementation of blockchain in the industry, the major focus is given to crypto-currencies which is not the right thing to do. Because there are many more applications that can be developed using blockchain than just a crypto-currency.
What can be developed for financial institutions apart from crypto-currencies?
To answer this question, one has to look closely into the operations of an organisation. There are many internal processes that require continuous monitoring across multiple teams in real time. These processes are handled by many licensed software developed by companies which adds to the operational cost of the organisation. For example, maintaining logs of the accounts that are monitored for suspicious activities which includes excess funds accumulation etc., can be shifted on to a permissioned Blockchain application and bring down the operational cost as the technology is completely open sourced. Having it on the blockchain has additional advantages as well. Since it is a distributed ledger, maintaining a backup on a different server increases cost and is not essential as multiple copies of the logs are maintained at remote nodes.
Each branch of the financial institution can run individual node of the blockchain network thereby maintaining a local copy of the logs at all the branches reducing the present downtime issues encountered due to centralized server issues. Blockchain implementation could speed up the internal processes and maintaining a secure copy of each node is much easier due to higher encryption standards.
Who can learn and implement blockchain in financial institutions?
Anybody with an interest to learn blockchain concepts can understand and implement it. In addition to this, persons in key roles, for instance- managers, CEOs and other folks in the upper management, can definitely make use of these concepts to upgrade the functioning of their financial institute. IT teams at such institutes would also require to know these concepts in order to build applications around them. Similarly, the operational personals, .i.e. the end users (employees of financial institutes) of such applications would also require an understanding of blockchain concepts to better handle the applications.
Technology is one which needs constant modifications in order to remain viable. Such modifications and improvements in applications are brought about by the IT maintenance teams. They would also need an in- depth understanding of blockchain concepts so that they can bring about necessary additions (or deletions, if required) to keep the application stable and intuitive.
Where and whom should you learn blockchain technologies?
Currently, there are many institutes who offer blockchain and crypto-currency training courses. You can learn from institutes who have genuine blockchain trainers, those with real-time experience. Such trainers would be able to teach you the concepts and also bridge the gap between a classroom/online training and the actual industry.
Another category of persons who can help you learn are Blockchain Consultants. The blockchain developers can offer real-time experience but consultants are the ones who stay most updated with the current trends in the sector and they are also able to predict the future trends. One of the best trainers who can help out are Blockchain Research and Development professionals. These folks have been working extensively in the development of core blockchain concepts. Getting trained by these people will help you stay ahead in the game.
You can learn Blockchain at Ashwin Institute (Ai)
At Ashwin Institute (Ai), Bengaluru, you will be trained by Mr. Ashwin Kumar. He is the Head of Research and Development, for blockchain, IT and medical engineering, at RADEL Corp. He is actively involved in training many IT professionals, Financial institution (such as banks) professionals and many more. Currently, Ashwin Institute is the only centre which has an in-house blockchain expert and trainer. For further information or if you have any queries, you can visit this link- https://ashwininstitute.com/learn-blockchain/.