And How That Increases Competition in FinTechPhoto by Christian Dubovan on UnsplashIn a recent survey conducted by PwC, 544 C-suite executives were interviewed on their views of blockchain and the future of banking. The study revealed an astonishing 95% of executives in banking believe elements of their business are at risk to various FinTech startups- many of which are powering their solutions through blockchain technology. Of the executives surveyed, 56% of them claimed to recognize the importance of blockchain.While financial services such as banking become concerned with FinTech taking hold of their market share, FinTech companies have concerns of their own.Is adopting blockchain technology a necessity to survive in this fast changing industry?While executives in traditional financial service companies may be losing sleep over the rise in FinTech, the benefits blockchain provides to financial technology is becoming more and more difficult to argue with.Increased SecurityPhoto by Felix Koutchinski on UnsplashCentralized databases, the likes of which are used by banks, stock exchanges, and money transfer services are a vulnerability to hackers.


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