Facilitating transactions on a global scale, enhancing customer experiences, delivering advanced financial services, and building consumer trust can allcarrymajor ramifications forthe performance of businesses withinincreasingly competitive landscapes. It’s for this reason thatblockchain technology is fast becoming an essential tool in leveraging transformation beyond open banking, andinto the realm of open finance.
In September 2017, an Equifax hack exposed the credit information of almost 150 million consumers in the United States. Thisis where blockchain can excel.Blockchain can offer cheaper, more efficient, and secure personal loan services toa far greater pool ofconsumers.Lending is cryptographically encrypted, and datais storedin a decentralized chain with a clear history of payments that can support users applying for loans based on a global credit score.