Blockchain Technology - Its Impact on Financial Services Industry

Blockchain Technology is set to drive the future of the world economy. The most fundamental invention of all times from the history of computer science. The existing business models are about to see a radical change in the near future. This conceptual paper is planned to map the possible changes we all are going to witness and enjoy the next generation IT enabled services in Financial services industry. Financial transactions are made in seconds, but actual payments are settled in days. Movement of money from one currency to another takes days to complete through banking channels. In this transfer period, companies cannot use the money, but financial intermediaries can earn interest on that.