<\/span><\/h2>\n\n\nCustomer accounts are flagged in case of suspicious banking transactions and reviewed by the bank head office under the Enhanced Due Diligence (EDD) process. Every year millions of individuals report themselves as a victim of identity theft. According to a survey, identity theft causes banks to lose $15 billion to $20 billion annually. <\/p>\n
Blockchain is a potential solution to protect customer data and prevent frauds and money laundering. The decentralised Blockchain structure eliminates the risk of a central server to store and maintain records. The customer data is safe from single-point failures. Blockchain enables an individual to take charge of information tied to their identity and add accessibility permissions. <\/p>\n
Conclusion<\/strong>: Blockchain has already started reshaping the BFSI industry. Recognising the potential of Blockchain technology, the big giants in the BFSI industry have already begun conducting tests to find out its possible use cases. Blockchain in BFSI has made the system more transparent, easy to access and reliable. <\/p>","protected":false},"excerpt":{"rendered":"The rise of blockchain technology in 2008 revolutionised different industrial sectors. Blockchain is a game-changer for all the industrial sectors, and companies cannot afford to ignore it. It is considered to be the ground-breaking innovation of the internet era. A major breakthrough in information storage and transmission, blockchain is likely to transform the existing operating… <\/p>\n
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