Here is another article on the potential of blockchain to reduce fraud, this time in the financial and banking sector.
Whilst blockchain is extremely exciting it does pay to issue a cautionary note. Blockchain is not fast and this will need to improve especially for financial transactions.
Take VISA - it processes some 25,000 transactions a second. Bitcoin can manage 75. This is because every single transaction requires the entire de-centralised ledger to be verified. Put another way, imagine having to proof read an entire book every time you type a new word.
You can see the problem I am sure.
Fraud — and the lack of transparency that enables it — is a growing problem for businesses around the world. In a list published on Risk.net, fraud ranked as one of the top 10 operational risks of 2017. But a cutting-edge technology called blockchain could provide the fraud prevention capabilities these businesses are looking for.