Since its inception, blockchain technology has had a revolutionary effect on several industries. Data suggests that global spending on blockchain will rise to $19 billion by 2024. This is up from 4.5 billion in 2020.
Remarkable, isn’t it?
One of the sectors greatly benefiting from blockchain technology is FinTech. This article covers four key ways blockchain is revolutionizing the FinTech industry.
Record Storage and Management of Digital Identities
With blockchain technology, centralized databases to store and manage data are not necessary. Instead, the ledger stores only encrypted transaction records that can’t be tampered with.
As such, there are no gatekeepers that control access to sensitive information. This makes it easier for consumers to prove their identities, improving customer trust.
One of the biggest benefits that blockchain could have on FinTech is storing and verifying digital identities. Along with enhancing trust, it will also:
- Improve data management
- Simplify identity verification
- Reduce fraud
Matching Blockchain With the Right Talent
For FinTech companies, adopting blockchain technology can translate to growth acceleration. However, other elements will also play a crucial role in this. Key among them is the talent you bring in to actualize your vision.
Without the right people in your team, you won’t be able to capitalize on the tremendous potential blockchain technology offers. Martin Executive Recruiting is a recruitment agency that helps companies find top-notch talent. Get in touch with us today to find the FinTech talent that will help you scale.