Attending the Cisco India Summit in Panaji, the Chief Technology Officer of the National Stock Exchange (NSE), Sankarson Banerjee, explained that blockchain technology could help strengthen the financial service sector by speeding up transactions and improving fraud detection.

The NSE stock exchange is experimenting with blockchains, which have helped it increase its efficiency. They partnered with global networking giant Cisco to integrate these latest solutions for improved customer service, analytics, cybersecurity and process automation. The NSE is the fourth largest stock exchange in the world regarding the number of trades in equity shares.

Cisco has advanced a “Digital Transformation Blueprint” for the banking and financial service sector. The company has automated the NSE data center, which has helped in reducing app deployment time, helping the exchange to adapt to innovative technologies quickly.

“Blockchain can be truly transformative for exchanges, paving the way for them to get into very different businesses. We could start selling cars. We are not selling cars, but we might,” Banerjee spoke on a lighter note.

Banerjee talked about the features and uses of blockchain technology in great detail.

He said:

“Blockchain, we know, is the best way to create immutable record of things. That opens up a lot of use cases for asset verification — who owns the asset, where it comes from, things like that — or tracing the transaction of an asset.”

He further explained:

“The second advantage of Blockchain is that it helps avoid double spend. It allows for unique non-repeatable transaction. Blockchain is genuinely a different way of doing things. Today, the asset is held in physical form, and digital records of it are transacted.”

He also talked about digital currency as a use case but that it should not be confused with blockchain. Said Banerjee:

“While cryptocurrency is a used case of Blockchain, it should not be confused with the technology itself, just as pornographic content, which can be accessed on the Internet, must not be confused with the Internet itself.”

He cautioned that it isn’t right to expect that the technology will wipe out the chances of fraudulent transactions altogether. According to him, it is not the hard technology part that hackers target. It is the vulnerability of unsuspecting users that they exploit, and tricking them into disclosing important information for their ulterior motives.

NSE CTO Believes Blockchain Technology Can Transform Financial Service Sector was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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