US

Blockchain Application in Banking

what we offer

Distributed Ledger

Digital Ledger Technology is an alternative to depositing and storing various assets (money, personal data, intellectual property) in banks, medical institutions, or social media. The DLT technology is designed to securely store data and send it straight to the intended recipient bypassing intermediaries and avoiding cheating. DLT-based solutions allow for tracking assets ownership using the principle of decentralization. We use DLT to create private systems with a limited number of participants and public ledgers, as well.

Decentralized Applications

Decentralized applications, often referred to as smart contracts, allow for sending money in a decentralized way removing middlemen. These apps are used to exchange property, money, shares in hassle-free way. Smart Contracts are written as code, they include particular conditions, and are publicly available on the ledger. Our blockchain fintech development company delivers decentralized applications concerning your contract conditions and other requirements.

Blockchain for Lending

The implementation of blockchain technology for loans can help solve such pressing issues, as a missing view on the credit score, manual data aggregation, frequent cyber-attacks, and many more. Blockchain provides a wide range of benefits like speed, flexibility, security, and transparency. What is more important — users are put in center and given a full control over their sensitive data. We build, test, and implement blockchain for financial services in general, and for loans particularly.

Blockchain for Transfers

Money transfers, both domestic and international, are much faster and cheaper with blockchain. It takes a couple of minutes to settle a payment using blockchain. There are no or small fees unlike in traditional banking. We offer our professional consulting on how to better implement a blockchain application in banking and financial organizations.

Benefits of Blockchain Solutions
for Banking

Transparent Operations

The distributed ledger technology allows for viewing a complete history of transactions and tracing every single asset to its origin. The transparency capabilities help avoid fraud and money-laundering which is now one of the most pressing issues in banks and financial institutions. We are always at your disposal to discuss the opportunities your organizations may get with blockchain implementation. Our experts will consult you on various applications of blockchain in financial services and banking.

Innovative Services

Digital transformation is all about adopting and implementing advanced technologies in your processes, services, and business in general. Blockchain solutions for banking are a good way to surprise your customers and present something quite different your competitors offer. It is a unique possibility to introduce instant and secure payments without or little fees. It is a chance to partner with fintech to offer exclusive services and products your competitor will hardly offer.

Instant Settlements

One of the main advantages blockchain brings to the financial services is instant settlements possible thanks to the absence of an intermediary between a payor and a recipient. In contrast to traditional banking, where payments take days or even weeks, blockchain payments are fast and are settled within a few minutes. This feature attracts customers as there’s a strong demand for fast, secure, and low-fee payments among consumers. Thus, incumbent banks are actively exploring instant settlements to implement these for their service offerings.

Enhanced Performance

Financial services offering smart contracts are able to enhance their contractual performance — smart contracts are fulfilled automatically. It is crucial that smart contracts have predetermined terms and conditions, are based on law and compliant to regulations. Our blockchain fintech development company has expertise in building custom-tailored smart contracts with pre-set terms. Our analysts and blockchain experts will discover your business and consult you on the best approaches to develop smart contracts for your organization and customers.

Our Blockchain Fintech App Development Process

Analysis

Any project related to blockchain solutions for financial services begins with your business discovery. Our business analysts explore your business challenges, goals, translate your mission into a project vision. The BA phase also includes requirements gathering and planning. As deliverables, you get a project roadmap, work breakdown structure, software specification, and the date when your project will be finished.

Development

On the design and development stages, we develop blockchain solutions based on the pre-set requirements. These phases are the most time-consuming. However, our Agile development process is standard-driven and thus, goes smoothly and fast. Due to well-established quality assurance process and best practices, we guarantee blockchain products delivery on time, scope, and budget.

Testing

Testing is performed on every stage of the software development lifecycle to ensure the highest quality of the end blockchain product. We provide all types of manual testing as well as have expertise in writing automated tests for long-lasting and complex projects. Our customers get regular reports on testing results along with predefined metrics.

Deployment

We proceed to deployment after user acceptance testing. Our experts will notify you of the planned deployment date and analyze your environment. If any issues are detected, we will inform you about that and ask for resolving them. Deployment is client’s responsibility; however, we are proactive to help you make this process as smooth and stress-free as possible.

What Impacts Your Project Duration

The duration of a Blockchain project is affected by many factors. The most important are mentioned below.

  • Project requirements
  • Expected deadlines
  • Team composition
  • Chosen technology and platforms
  • Type and complexity of a blockchain solution

What Affects Your Project Costs

To estimate the cost of a blockchain project, we consider a lot of things. 

  • Project scope and complexity
  • Chosen technology
  • Project completion urgency
  • Engagement model: Fixed Price, Time & Material, Dedicated Team

What We Need from Your Side

Our clients entrust their projects to us as they are sure that we will deliver them on time, scope, and budget. Usually, we need some information from your side. Your goals and vision are very crucial for the appropriate planning. Based on your requirements, we create software specification document. Thus, we appreciate it if you provide us as much data as possible.
  • Project goals, vision, and roadmap if exist
  • High-level project requirements
  • Project-specific documentation if available, for example, software architecture and mockups
  • Client’s availability (a couple of hours per week for requirements gathering sessions)
  • Project deadlines

Our Tech Stack

  • Corda icon Corda
  • Hyperledger icon Hyperledger
  • MultiChain icon MultiChain
  • Quorum icon Quorum
  • Solidity icon Solidity

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Frequently Asked Questions

How is blockchain used in banking?

Blockchain in banking can be used for faster and cheaper money transfers, payments, and smart contracts. Traditional banks adopting blockchain can benefit from getting innovative technology on board and attracting more customers with unique services and products.

What is blockchain in banking sector?

Blockchain in baking sector is an innovative experience banks can present to their customers. Unlike traditional banking solutions, blockchain is cheaper, faster, and securer. We help banks and financial institutions implement blockchain in their operations and service offerings.

Why is blockchain important for banks?

Blockchain is a new technology that can help any bank achieve a competitive edge. Blockchain allows banks to keep transfers transparently, reduce fraud and money laundering activities, improve know your customer (KYC) processes, and attract more customers.

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