Blockchain events

Rethink financial services with IBM Blockchain at Distributed: Trade

Share this post:

Do you ever get frustrated by how long it takes for an international payment to clear? Or how difficult it is to obtain insurance for your business and products? You might be interested to know that companies around the world are working to improve these processes through technology called blockchain. And on July 24, I’ll be speaking at Distributed: Trade in St. Louis, where experts will be exploring how to use blockchain capabilities to transform financial services.

Blockchain basics

Blockchains are shared digital ledgers for recording the history of transactions. When used for business, these transactions are verified by a network of participants and can only be added to the ledger when the participants have consensus. Transactions cannot be altered, and all participants see the same version of the truth. Benefits of blockchain include, but are not limited to, cost savings, security, transparency, traceability, accuracy and data integrity.

Bring transparency, simplicity and efficiency to every financial transaction

Cross-border payments

It takes several days for your international payments to clear is because cross-border payments involve multiple intermediaries, include significant costs and are subject to local banking standards. These intermediaries have trouble trusting each other and any discrepancies or errors can cause major delays. However, having a shared, immutable ledger increases trust because it eliminates the need to reconcile disparate ledgers among multiple parties.

Blockchain can help enterprises and regulators streamline payments and can even enable point-to-point transfers. Watch the video to see how:

Risk assessment

There are many types of insurance, but one thing remains true for all of them: the process is a nightmare for both the person trying to get a policy and the insurer. If you’re trying to get insured, you have to provide all kinds of documentation to prove you’re worth the risk whereas insurers have to validate all that information and assess the risks of providing a policy. If goods are involved, then the insurer must ensure they are authentic and that their company doesn’t get fraudulent claims.

Blockchain can support tracking high-value risks and supply chain transactions in a single location. This reduces costs for insureds and insurers due to the immutability of risk provenance data, it helps prevent fraud in underwriting and claims processing, and it can improve the accuracy of risk estimates.

Join my session on Monday, July 24 from 10:15 – 11:00 AM for an in-depth discussion of blockchain and its potential for mitigating risk in insurance.

Where to go from here

Of course, I hope to see you at the Distributed: Trade conference. It promises to be a great opportunity to explore blockchain technology and its effect on financial services, global payments, insurance services, supply chain management and capital markets. Be sure to join the IBM Blockchain community for updates:

And if any of the topics in this post piqued your interest, consider doing a two-day design thinking workshop through IBM Bluemix Garage for blockchain. Examining use cases and collaborating with experts can help give you a jump-start on building a blockchain solution for your business!

Learn more about blockchain today

Program Director, IBM Blockchain Labs & Garage, North America

More Blockchain events stories

Take digital assets into the enterprise with blockchain

Digital assets have been ubiquitous in the news these days: cryptocurrencies, stablecoins or non-fungible tokens (NFTs), to name a few. Their applications are even more varied, from representing financial instruments to safeguarding authenticity and ownership of digital IP or physical assets. Enterprises that engage in digital assets have significant opportunity to deliver meaningful value to […]

Continue reading

Navigating the broader digital asset and cryptocurrency markets

The cryptocurrency and broader digital assets evolution has continued to grow in earnest, showing promising signs of maturity through 2021 as industry-wide regulatory bills have reached the Senate floor in Washington D.C. while prices have appreciated to new all-time highs. Although price appreciation tends to lure attention, price has become an increasingly less significant metric […]

Continue reading

Fueling the financial industry with open source cross-border payments

Financial services, payments, streamlining inefficient processes is in our blood. So, it’s no surprise my colleague and contributor to this article, Nitin Gaur and his team, tackled the unthinkable four years ago by building a global payment network addressing remittance and interbank payments. As if that wasn’t challenge enough, the team also designed it for […]

Continue reading