In the past few decades, experts could not fathom such a tremendous growth rate of IT services. Blockchain network, a great contribution to IT services currently, has also evolved over the past few years at a massive rate. It made quite a mark in the global tech market, making some of the world’s biggest banks and financial institutes, corporates and fintechs implement this network in its organizational infrastructure.

Talking about Evolution? Check out Blockchain being a Part of the Core Organizational Structure of Companies Worldwide!

Blockchain technology came into existence through the introduction of Bitcoin, but soon branched out into the organizational structure of various business institutions, facilitating various services to make the system smoother and more secure.

Let’s take a small case study on the growing implementation of blockchain network in the organizational and payment processing infrastructure. The remittance industry, for example, is not new to various problems existing in the system. Today, the main aspect that defines the best way of remittance is effective transportability. Blockchain network promises an innovative solution to the current issues that the remittance sector is facing. It can simplify and speed up cross-border payments by cutting out the middleman, making the whole process secure and more affordable. HashCash, a blockchain technology company offers blockchain based remittance through HC Remit, a cross-border remittance payment platform.

Now that we have established how blockchain is growing its influence in the corporate payment and remittance infrastructure of several industries, let’s have a look at how its evolution is helping the financial world in more ways than one:

Greater access for the financially underserved

Around 33% of the total adults of the world make no use of any formal financial services and the number is increasing. 41% of adults have bank accounts in developing countries, whereas the number is 89% in high-income economies. Blockchain has been planning and implementing a solution for those people who do not have a bank account. It is very important in case of remittances. In 2016 in developing countries, the estimated flow of remittance was $429 billion.

Going mobile

There is no doubt that with the increased technology, smartphones have been a game changer for implementing blockchain network in every possible institutional prospect. According to the UN, 6 billion people have phones - hence, this is where the integration of banks and phones comes into play. Through smartphones, blockchain provides cheaper, easier to both send and receive corporate payments as well as remittance.

Unprecedented digital security

Cyber attacks are common! This is one of the key reason why blockchain continues to improvise and implement different methods of remittance payment. With proof of work and digital signature, blockchain is impenetrable and extremely secure. Blockchain Network is decentralized in nature and it keeps track of each and every transaction with the help of a digital ledger. When a digital ledger is added by a new block, the security is also increased with it.

KYC Integration

Another evolution of the blockchain network is the integration of KYC or Know Your Customer protocol into the organizational system of enterprises which helps an institution to identify and verify a customer.

As the number of user increases, the Blockchain Network security will also enhance. Now a number of financial institutions are implementing blockchain based strategies including some of the largest financial institutions having a global presence.