The financial industry continues to lead the use of blockchain and the domain has witnessed significant investments in the last few years for adoption of blockchain technology. According to growth predictions, the market for blockchain technologies is anticipated to exceed $67.4 billion by that date. As per the experts, the development of innovative blockchain solutions will be led by the financial industry. To highlight use cases of the blockchain in Finance Industry, two major stalwarts in the domain – Dr. Ravi Chamria, Cofounder & CEO of Zeeve and Mr. Prasanna Lohar, CEO of Block Stack and Founder of India Blockchain Forum joined forces to present an exciting event on the 20th of December to speak about the same.

The webinar was intended to help web3 enthusiasts and also individuals willing to understand the real-world applications of blockchain – the practical value of this disruptive technology in resolving major challenges of the banking and finance sector. It was a great attempt to make finance and web 3 enthusiasts understand how Foundational Technology Blockchain will disrupt the Finance Industry!

Dr Ravi highlighted at the start of the session that one of the production use cases in the banking system in India was done by Zeeve in DCB Bank in association with Prasanna Lohar. He expressed his delight in being associated with Prasanna for a lot of important use cases in the banking and finance sector. Dr Ravi’s first question to Mr Prasanna in the webinar was on how technology has improved banking. In response to this Mr Prasanna spoke of the landscape changes brought forth by technology in banking and how it has improved the processes, made it more agile, secure, fast and efficient. He was also asked on the road ahead for banking back-end infrastructure.

Mr Prasanna spoke in detail about the interesting use cases of blockchain in finance and banking such as capital markets, P2P transfers, clearance and settlement, remittances, cross-border payments, KYC and identity verification, invoice management and billing solutions, fundraising and trading and so on. He also highlighted the use cases of this revolutionary technology at a single bank level.