Blockchain
Beyond fintech and startups, financial institutions have already started to consider blockchain adoption, as they see it as a challenge for their traditional core banking model to evolve. INTRASOFT efficiently explores these early stages of adoption under proof-of-concept initiatives, formulating blockchain proposals and solutions.
The most popular domain of blockchain use is the banking and finance sector since security is of utmost importance. In the current banking model, trust and identity verification is done by intermediaries and incumbents. Blockchain will shift, or even eliminate the trust element to the core fabric of the network; P2P lending, cross-border payments, stock exchange share trading, trade finance, and credit reports are already fields for experimentation for blockchain, and INTRASOFT International have been already looking into these.
The benefits of blockchain derive from its unique design; by combining shared databases and cryptography it allows multiple parties to have simultaneous, real-time access to a continuously updated digital ledger with records of transactions that cannot be modified. Reliability, transparency, improved traceability of transactions, efficiency in security and speed are key benefits of blockchain technology and INTRASOFT International can help organisations to understand it.
Although blockchain is still considered to be in its adoption stage companies are attempting to shift their business models as they realise how blockchain can evolve processes in all sectors. INTRASOFT International can help organisations keep up with this evolution and guide them on how best to transform their current systems into a more open and decentralised concept.
