In today's digital world, it is seen as wake up call for financial institutions who are constantly challenged to improve customer experience though faster service and better engagement. In this white paper, we will concentrate more on the introduction to Blockchain, advantages, changes it can bring, various ways it can be used and obstacles. The purpose is to give better idea of Blockchain and understand how we can use it to give better services to our customers.
Blockchain is a technology which orchestrates network of service consumers and providers in decentralized manner, especially financial transactions and ledgers. It has the potential to disrupt financial services (payments, transactions) through distributed ledger concept. Smart contracts can further disrupt not just other areas of financial services (asset management, trade & post trade settlements) but many more industries like retail, manufacturing. The far and wide applications in future digital economy (consisting of IoT, digital assets) is still to be understood.