Blockchain has acquired mainstream relevance, propelled by the technology’s widespread adoption across the banking and public finance sector for enhanced security, says the HashCash Chief.
The banking and financial services sector has undoubtedly been one of the biggest adopters of blockchain technology. HashCash Consultants’ Chief Raj Chowdhury highlights blockchain’s inherent ability to reduce fraudulent transactions, explaining how the feature is a prominent factor behind the global adoption of distributed ledger technology, particularly in public financial systems.
Research forecasts suggest global blockchain expenditure will reach $67.4 billion by the end of 2026 at 68.4% CAGR, contributing over $1.76 trillion to the global GDP by 2030. Banking and financial services remain the top spending sector in blockchain, contributing to almost 30% of the total expenditure. Other than fraud prevention, blockchain also facilitates instant settlements, capital optimization, smart contract enforceability, reduced counterparty risks, manual errors, and reconciliation, and offers increased transparency.
The HashCash CEO, also a noted blockchain pioneer, explains, ”The performance of decentralized blockchain architecture is proportional to the number of available network members. The underlying crypto platform offers real-time transaction visibility based on permissioned access along with hassle-free provisions for eKYC and auditing, leading to improved overall service.”
Blockchain utilizes secure data encryption, with multiple security layer additions. The data can be read only by permissioned members. In addition, time-stamped data transaction records are immutable and tamper-proof, eliminating any chance of fraudulent activity. Attempts, if any, are flagged immediately and the existing data is left undamaged.
“Innovations such as blockchain empower public finance managers with greater visibility and control of public fund utilization in real-time. Efficient use of public money will lead to improved services for the public, economic boost, and improvement of the community as a whole”, remarked Chowdhury, who had previously spoken on blockchain’s potential in reducing India’s logistics cost, and the crypto’s potential in Latin America.
Led by Chowdhury, HashCash Consultants has been a global leader winning multiple awards in blockchain development. The US-based company has deployed blockchain-powered solutions in more than 26 nations across 6 continents. HashCash’s HC Corporate Payment Solution is finding increased uses in B2B transactions. Meanwhile, the company’s globally acclaimed white label exchange solutions have been recently used in Vietnam.
Blockchain’s rise as one of the most disruptive technological innovations is driven by its multiple practical advantages. Organizations around the world can leverage technology for better business outcomes and opportunities.
About Raj Chowdhury:
Raj Chowdhury is the Managing Director of HashCash Consultants and a Blockchain pioneer. Raj pioneered the first interbank Trade Finance and Remittance implementation of Blockchain Technology between two of the largest global banks. Raj is a prominent voice in the Blockchain and Cryptocurrency space and actively engages with policymakers in this area. He is a contributor to Economic Times, Business World, and CNNMoney and advises industry leaders in the adoption of Blockchain. He is a member of Asha Silicon Valley, a nonprofit committed to education for children in emerging countries. Author of the book ‘The Dark Secret of the Silicon Valley’, Raj is an investor in blockchain and cryptocurrency companies and an active member of the philanthropic community.