The decentralized network, protected data, transparent database, and encrypted transactions of blockchain technology make it noteworthy. FinTech companies have progressed even further by integrating blockchain into standard banking practices. Notably, the robust blockchain technology maintains and logs data on people’s identities, possessions, exchanges of money, and asset swaps within a safe network. It is interesting to note that the data is kept in 1-MB storage chunks.
Having said that, Blockchain’s capabilities have brought about a revolution in technology, given rise to a new dimension in the Fintech industry, offered immense promise, and fundamentally altered the way businesses operate and are structured. Moreover, they have aroused the curiosity of financial application development companies as well as startups regarding the need for blockchain.
