Digital Assurance is Imperative for Successful Blockchain
Implementations in Banking Industry

Vendor Financing naturally aligns with blockchain technology given the attributes of immutability and transparency. Vendor financing is a funding arrangement where a vendor/seller assists a customer/buyer in availing finance either directly or indirectly. The customer uses the finance to purchase the vendor’s goods or services and is also known as supplier finance or trade credit.

The World Forum predicts that 10% of global GDP will be stored in blockchain by 2027. They define blockchain as a reliable, difficult-to-hack record of transactions – and of who owns what, based on Distributed Ledger Technology (DLT), which securely records data across a peer-to-peer network.

Organizations all over the world are then turning towards blockchain technology to be able to secure, store, and manage digital identity and data in a safe platform.

Banks of today demand cost savings from increased speed, efficiency, and automation. By greatly reducing paperwork and eliminating fraudulent contracts, blockchain significantly reduces overhead and transaction costs, and reduces or eliminates the need for third parties or middlemen to verify transactions. This can be achieved by introducing a versatile decentralized finance (DeFi) infrastructure.

The banking and financial services application area is expected to hold the largest market size in the blockchain market.

There is a growing need for businesses to start adopting blockchain testing and technology. Distributed Ledger Technology (DLT) is a decentralized database managed by multiple participants, across multiple nodes. Blockchain is one form of DLT where transactions are recorded with an immutable cryptographic signature called a hash and get added as a chain of “blocks”.

Cigniti’s blockchain testing has been designed for domain specialists to harness the power of hyperledger fabric to banks and financial institutions to bring benefits such as:

• Greater transparency
• Enhanced security & privacy
• Instant visibility and traceability
• Increased efficiency and speed
• Reduced Cost