The banking industry
Blockchain can also be used across the many business lines in the banking industry. Several banks, in fact, have already began using this technology in partnership with the other firms, and for their own requirements. Financial institutions are not far behind, as well, including Visa, Citibank, Bank of America, JPMorgan Chase, ING, NASDAQ, Barclays, BBVA, Commonwealth Bank, DBS and other financial institutions. These institutions are experimenting on the technology on their own or in partnership with firms.
The technology, which is based on distributed ledger concept, is available to everyone engaged in transactions. It helps keep transaction details, such as transaction history in block format. It benefits all the financial systems, from providing security, transparency, robustness, reliability, and immutability to fraud prevention.