BLOCKCHAIN: IMPACT ON THE FUTURE OF FINANCIAL SERVICES SECTOR

  BLOCKCHAIN: IMPACT ON THE FUTURE OF FINANCIAL SERVICES SECTOR   Blockchain  is being hailed as the next big thing after the creation of the internet and has emerged as one of the most groundbreaking applications.  This technology will have a major impact, particularly in the financial sector.   Blockchain   primarily  a distributed ledger technology (DLT),  has the potential to revolutionize well-established financial institutions because of its lower costs, faster execution of transactions, improved transparency, auditability of operations, and other benefits. Blockchain technology ledgers have innovative benefits over traditional approaches which facilitate bilateral settlement by eliminating intermediaries failures, delays, collateral costs, minimize credit risks, faster implementation of transactions, enhanced transparency in operations, amongst others.  Blockchain technology is a structure that stores transactional records, also kn...