Fraud Prevention Fueling Blockchain Adoption in Public Finance Sector: Raj Chowdhury

Fraud Prevention Fuels Blockchain Adoption

Innovations such as blockchain allow public finance managers to have greater visibility and control over the use of public funds in real time. Effective use of public money will lead to improved services for the public, economic recovery and betterment of the community as a whole.

The banking and financial services industry has undoubtedly been one of the biggest adopters of blockchain technology. HashCash Consultants Chief Raj Chowdhury highlights blockchain’s inherent ability to reduce fraudulent transactions, explaining how this feature is a significant factor behind the global adoption of distributed ledger technology, especially in public financial systems.

Research forecasts suggest that global blockchain spending will reach $67.4 billion by the end of 2026 at a CAGR of 68.4%, contributing over $1.76 trillion to global GDP. by 2030. Banking and financial services remain the top sector of blockchain spending, contributing nearly 30% of total spending. In addition to fraud prevention, blockchain also facilitates instant settlements, capital optimization, enforceability of smart contracts, counterparty risk reduction, manual errors and reconciliation, and provides increased transparency.

The CEO of HashCash, also a recognized blockchain pioneer, explains: “The performance of the decentralized architecture of the blockchain is proportional to the number of available members of the network. The underlying crypto platform provides real-time transaction visibility based on authorized access as well as hassle-free provisions for eKYC and auditing, leading to improved overall service.

Blockchain uses secure data encryption, with several security layer additions. The data can only be read by authorized members. Additionally, timestamped data transaction records are immutable and tamper-proof, eliminating any risk of fraudulent activity. Attempts, if any, are reported immediately and existing data is not damaged.

“Innovations such as blockchain allow public finance managers to have greater visibility and control over the use of public funds in real time. The efficient use of public money will lead to the improvement of services for the public, to economic recovery and to the betterment of the community as a whole,” noted Chowdhury, who previously spoke about the potential of blockchain to reduce India’s logistics costand the potential of crypto in Latin America.

Led by Chowdhury, HashCash Consultants has been a world leader winning several awards in blockchain development. The US-based company has deployed blockchain-based solutions in over 26 countries across 6 continents. HashCash’s HC business payment solution is finding more and more uses in B2B operations. Meanwhile, the world famous company white label exchange solutions have recently been used in Vietnam.

The rise of blockchain as one of the most disruptive technological innovations is driven by its multiple practical benefits. Organizations around the world can leverage technology for better results and business opportunities.

About Raj Chowdhury:

Raj Chowdhury is the general manager of HashCash Consultants and a Blockchain pioneer. Raj pioneered the first interbank implementation of blockchain technology trade finance and remittance transfers between two of the world’s largest banks. Raj is a leading voice in the Blockchain and Cryptocurrency space and actively engages with policy makers in this area. He is a contributor to Economic Times, Business World and CNNMoney and advises industry leaders on Blockchain adoption. He is a member of Asha Silicon Valley, a non-profit association committed to the education of children in emerging countries. Author of the book “The Dark Secret of the Silicon Valley”, Raj is an investor in blockchain and cryptocurrency companies and an active member of the philanthropic community.

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