Is blockchain the future of FinTech?

Blockchain has proven benefits for workflow automation and content provenance no matter the segment, and with the crypto pressure off, the tech is finally ready to expand the scope of its financial offers. Blockchain’s reputation as an abstract concept is routinely challenged by fintech companies who experience its tangible rewards.

How do Fintech Startups use blockchain?

Fintech startups and enterprises routinely tap into the following to craft their blockchain solutions: Solidity is the programming language used to write smart contracts in the Ethereum blockchain. Designed specifically for this purpose, Solidity is a mainstay technology when developing decentralized applications (DApps) in fintech.

How will fintech and blockchain impact financial institutions?

However, blockchain will allow traditional financial institutions to cut down a significant portion of their costs. This will result in more cost-effective services that are aimed at the everyday person rather than only the upper class. Below are just some of the impacts that fintech and blockchain will have on financial institutions: