Financial-Institutions1

Financial Institutions

The necessity of creating proofs that can be validated is felt the most in industries that deal with financial concerns because it is here that most data frauds and unethical activities take place. In present times, all parties functioning in the financial sector are trying to develop ways in which the document verification process can be tamper-proof and hassle-free for both the client and the industry side.

Challenges

The problem of intermediaries

Financial institutions that deal with a bulk of monetary exchanges often feel the need to rely on mediators to get some of the job done since owners of the businesses and clients are often too busy to do a lot of technical work themselves. The issues with employing too many intermediaries are the slowing down of the entire enterprise and the possibility of fraud.

The need to move beyond paper-based documentation

Looking at the global economy’s present scenario, there is an increasing need to be digitized and go paperless. The physical storing of sensitive documents is viewed with suspicion, and justifiably so. With the chances of leaks and simple thievery, it is becoming imperative to digitize one’s database to gain clients’ trust.

Solutions

Using "smart contracts" to remove middlemen

The question which has been asked is whether the same blockchain technology can be trusted for financial secure documents as well? With the presence of “smart contracts” already in place in the financial industry, the use of blockchain technology is already in practice to ensure transparent and quick transactions and exchanges in money, shares, and property. This has helped the financial institutions remove the need for go-betweens, which avoids unnecessary third-party involvement.

Creating a paperless environment with blockchain technology

The shift towards an environment of paperless documentation requires the institutions concerned to be adept to technological advances which make such documentation and validation possible. Blockchain technology is not an entirely new player in this game- a significant number of industries have been adopting this method of securing documents to meet their business’s latest demands.

In Conclusion

The kind of unified platforms like ProofEasy uses patented QR codes and blockchain technology to provide safe and secure access to documents to tackle several challenges like project management, reporting to stakeholders, financing and compliance. By making validation easy and achievable for all the parties involved, technologies like this not only deal with business challenges in a satisfactory manner but also help maintain smooth client-service provider relations in all financial industries.

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