Blockchain’s Adoption & Capabilities Increase against Fraud in Public Finance Sector

Based on blockchain’s inherent capability of tackling fraudulent transactions, this cutting-edge technology is expected to continue being adopted in the banking and financial services sector, according Raj Chowdhury, CEO of HashCash Consultants

Chowdhury said:

“Innovations such as blockchain empower public finance managers with greater visibility and control of public fund utilization in real-time. Efficient use of public money will lead to improved services for the public, economic boost, and improvement of the community as a whole.”

Research shows that blockchain spending worldwide will reach $67.4 trillion by 2026. The banking and financial service industry is predicted to continue to be the largest spender in the space. This sector contributes nearly 30% to the total blockchain expenditure. 

Chowdhury stated that:

“The performance of decentralized blockchain architecture is proportional to the number of available network members.” 

He also added:

“The underlying crypto platform offers real-time transaction visibility based on permissioned access along with hassle-free provisions for eKYC and auditing, leading to improved overall service.”

Blockchain technology not only prevents fraud but also promotes transparency, smart contract enforceability and capital optimization.

Fraud prevention becomes a reality based on blockchain’s secure data encryption that utilizes multiple security layers. 

Chowdhury has previously admitted that blockchain technology is required to support the fast-changing fintech environment. 

Blockchain.News reported that by 2026 the global blockchain market in banking, financial service and insurance (BFSI), will reach $4.02 Billion. 

Image source: Shutterstock

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