For example, when it comes to regulated transactions that require compliance with specific guidelines, blockchain system users can encode guidelines into smart contracts and the verification of the other party’s compliance with these guidelines can be done by the counterparty. This is essential when it comes to regulatory compliance.
Blockchain can also solve the problem of internal taiwan phone numbers fraud. Consider the recent headlines from Wells Fargo (WFC) fraud cases where employees opened fake accounts for Wells Fargo customers. WFC said it found a total of 3.5 million potentially fake banks and
Credit card accounts. If WFC were to use blockchain technology, the blockchain network and smart contracts would impose transaction rules on WFC employees so that they could not open fake accounts and circumvent rules and regulations.
Blockchain contracts and smart contracts can provide key features to BPM platforms as they make transparency fully achievable:
Blockchain can verify and resolve disputes over financial transactions in seconds or minutes
It can increase the accuracy and security of transactions
Removes opportunities for fraud and human error
Transaction costs are decreasing
Conclusion
While BPM and blockchain technologies have great potential in financial services, their adoption is one of the biggest challenges. Blockchain is an emerging technology, which means its implementation can be a risky business if developers are not aware of the technology stack. It is also not an out-of-the-box solution, as financial services organizations must consider the workflow, use case, and local laws and regulations.
