Conventional banking infrastructure needs significant upgrades, and blockchain is the best solution, says the HashCash CEO
HashCash CEO and eminent blockchain pioneer Raj Chowdhury expressed his views on the need for an upgrade in existing banking infrastructure to keep pace with the rapid fintech progress, presenting a strong point for blockchain incorporation across the entire system.
The fintech industry has advanced leaps and bounds within a short timespan embracing new technologies and revolutionizing the entire conventional landscape. Competitive pricing, digitalization, improved UI/UX- a notable portion of the improvements are occurring at the front-end. However, true holistic transformation can only be achieved through an evolution of the core financial system and the adoption of newer technologies like blockchain.
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The HashCash chief expressed his views on the matter, stating, “The traditional universal banking model offering all-in-one services has seen an alternative with separate fintech businesses offering specialized services. From wealth management, payment services, to loans- the focused specialization of fintech increases customer expectations leading to competition with the BFSI sector.”
The underlying architecture behind cryptocurrencies, blockchain is witnessing an increase in its adoption owing to multiple reasons, from instant cross-border payment settlements bypassing intermediaries, better capital optimization, decreased counterparty risks and errors, improved transparency, and financial solutions. Blockchain-powered smart contracts also improve their contract performance.
“Originally designed as a platform for an alternative to existing fiat currency system, blockchain is now built to answer the challenges in the existing banking infrastructure, and help them deliver better services,” concluded Chowdhury, who had previously advocated for early financial planning and crypto’s role in revolutionizing payment systems.
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The Chowdhury-led HashCash Consultants has been globally acclaimed with top honors as a blockchain development company. Products designed by the US-based company are deployed in over 26 countries, across multiple sectors. HashCash’s blockchain-powered banking solutions offer innovations in digital identity, ACH clearing, and more. HC Market Maker, another HashCash product, is gaining prominence across European financial markets.
The rapid global proliferation of fintech services has led to innovative solutions for long-running problems along with paradigm shifts with features such as Banking-as-a-service and Embedded Finance through cloud API connectivity. Conventional banking systems need a major overhaul to leverage the best business opportunities, and blockchain incorporation is the best solution in this digital age.
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