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Question 50 - 312-82 discussion

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Which of the following are benefits of blockchain for financial services according to IBM ''Blockchain for Financial Services''?

A.

Faster settlement

Answers
A.

Faster settlement

B.

Automated compliance

Answers
B.

Automated compliance

C.

Increased customer base

Answers
C.

Increased customer base

D.

Streamlined regulations

Answers
D.

Streamlined regulations

Suggested answer: A, B

Explanation:

According to IBM's ''Blockchain for Financial Services'', blockchain offers several benefits, including faster settlement and automated compliance. These features are critical in enhancing the efficiency and reliability of financial services.

Key Details:

Faster Settlement: Blockchain technology enables near-instantaneous settlement of transactions by eliminating the need for traditional intermediaries and reducing processing times, which can speed up transactions significantly compared to legacy systems.

Automated Compliance: Blockchain's transparency and immutability allow for the automatic recording and verification of regulatory requirements. Smart contracts can be used to enforce compliance rules in real-time, ensuring that transactions adhere to regulatory standards without manual intervention.

Impact on Financial Services: These benefits translate to reduced operational costs, improved transaction accuracy, and increased trust between parties, making blockchain an attractive solution for financial institutions.

Thus, A. Faster settlement and B. Automated compliance are the correct answers, as these are specific benefits of blockchain in financial services according to IBM.

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asked 24/10/2024
Malik Adeel Imtiaz
30 questions
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