Blockchain technology is more than just the underlying technology for cryptocurrencies like the Bitcoin. Blockchain-based transactions promise massive potential implications for the world of global commerce and the financial service industry. We do not need to look at the future to notice that banks and financial firms are already using it. Blockchain is a hot trend and a top priority for banks, trading companies and financial service firms due to its vast potential.
As this new technology spreads, the public, as well as investors, urge banks to diversify their options with crypto custody. Traditional financial systems and banks have massive potential for innovation and profit through blockchain – reducing costs, time, and risk. Blockchain will revolutionize financial services once trust and understanding of the technology are established. That will require a comprehensive, secure, and easy-to-use infrastructure that is hack-proof.
The digitization of financial assets and services redefine many processes for the financial and commercial markets. Blockchain use cases in financial services include:
Blockchain can transform the trade finance sector. This refers to all the financial activities done in international commerce and trade. Some trade finance activities are still relying on paperwork like bills, invoices, and letters of credit. There are order-management systems which can do this online, but the process is labor-intensive. Traditionally, trade partners had to keep their transaction-related documentation or database. These systems had to be constantly compared to each other. An error in one document could be carried out on copies in other databases. With blockchain technology, there is no need to keep many copies of the same form – all critical information is kept in one digital copy. This document is updated continuously in real-time and can be accessed by all of the trade participants. Blockchain for trade-finances will streamline the entire trading procedure, obliterating time-consuming paperwork and manual processes.
A bank transfer can take several days to settle because banks are limited by their financial infrastructure. Blockchain technology could allow transactions to be settled directly while keeping track of them better than existing procedures. The centralized nature of most clearing and settlement protocols make them excellent candidates for blockchain-driven upgrades.
A decentralized, blockchain-based system for banking and payments can greatly facilitate payment procedures, lower processing fees, and offer higher security. As changes are made in real-time, there will be less need for repeat verifications and reliance on third-parties. When transferring assets like debts or stocks, each party keeps its version, as banks rarely rely on the same system. This is inefficient and error-prone. Blockchain technology could revolutionize the financial market with a decentralized database of digital assets, secure and accessible to all parties in real-time.
Blockchain is no longer a synonym to bitcoin, nor a single use-case technology. No matter which blockchain use-case you engage in, it is imperative to protect your assets with a secure infrastructure, providing a safe environment for key management and sign transaction. From your hosting to the transaction endpoints, your on-premise infrastructure and management system must be reliable, accessible, and easy to use.
GK8 is a Ledger Agnostic firm that supports wide blockchain uses, whether private or public. GK8 supports popular blockchain use-cases, specializing in the financial world, and provides a revolutionary end-to-end solution. Unlike any other solution on the market, GK8’s technology guarantees an outstanding blockchain security defense by minimizing the attack surface, using no-attack vector technology, and supporting cryptographic protocols.
GK8’s solution supports public and private blockchain. Completely agnostic to the blockchain-asset (i.e. securities, real estate token, crypto assets), since GK8’s innovation is in the cryptographic layer. The product is based on an API & SDK compliant infrastructure, enabling fast installation and customization to every client’s interface. Clients can easily manage their blockchain-based digital assets on a state of the art secured infrastructure, enjoying a comprehensive end to end solution, from hosting to system management.
GK8’s proprietary technology helps financial institutions to manage their entire digital asset, including sending transactions to the blockchain, without direct or indirect connection to the Internet. All other solutions eventually connect to the Internet, thus leaving you vulnerable. We eliminate the risk.
Manage risk securely with a patented on-premise digital-asset management, offering you advanced administration features, enterprise-level security, governance, transparency and accountability. Our system supports institutions׳ need for asset accessibility and provides easy-to-use compliance and control tools.