The Financial Services industry is fundamentally about facilitating the trusted exchange of
value between multiple, untrusting parties. Brokering that trust is an enormous
responsibility and carries significant risk, which is why the industry has become increasingly
reliant on costly intermediaries, manual processes, and error-prone reconciliations. Today,
more and more Financial Services institutions are looking to blockchain to enable more
efficient cross-organizational collaboration, eliminate intermediaries, and create disruptive
business models

Let’s take a look at five functions of Financial Services that are already being transformed by
blockchain technology

TRADE FINANCE
Current state
Today’s solutions for managing trade finance are built on antiquated technology and
processes that exist in silos. This adds significant risks, complexity, and time into trade
processes, as all parties have to manually verify data. Pain points include:
• Error-prone, manual processes for creating, validating, and auditing trade data and
documentation
• Siloed data that is difficult to verify, leading to multiple versions of the truth and major
fraud, compliance, and audit risks
• Disconnected legacy systems that limit new business opportunities and make it difficult for
small and medium businesses to gain access to financing alternatives

The Indian government says that they do not regard crypto as a legal tender and will try to remove payments by using coins like bitcoins.

In a meeting yesterday, Jaitley renewed India's commitment to end use of BTC and other cryptocurrencies in what he said was India's struggle against money laundering and terrorism financing.

He said: "The government does not recognize crypto as a legal coin and will take all measures to eliminate the use of this crypto asset in funding unauthorized activities or as part of the payment system".

But he did not rule out the possibility to see more blockchain technology.

The Indian government says that they do not regard crypto as a legal tender and will try to remove payments by using coins like bitcoins.

In a meeting yesterday, Jaitley renewed India's commitment to end use of BTC and other cryptocurrencies in what he said was India's struggle against money laundering and terrorism financing.