Why Quality Assurance is significant for Blockchain banking?

Even as the acceptance of blockchain as a reliable technology widens in the banking sector, software quality assurance will be a must to ensure these projects succeed.

Perceived to be used only for the trading of cryptocurrencies initially, the decentralized electronic ledger technology, popularly known as the blockchain, is being employed for multiple purposes by organizations world-over. From insurers (and hospitals) sharing patient health records to consumers sharing excess electricity with each other and with the power grid to the casting of votes in an election-blockchain offers limitless possibilities to transferring information (or money) secure and transparently.

According to a report published by Grand View Research, the global blockchain technology market is predicted to touch $7.59 billion by 2024, growing by 37.2 percent year-on-year. The industries driving growth in the adoption of blockchain technology include banking and financial services, consumer or industrial products companies, information technology, media and telecom, healthcare, transportation, and public sector undertakings. As per a study conducted by 6Wresearch, India's blockchain technology market is predicted to grow by 58 percent annually from 2018 to 2024.

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Media Courtesy : The Banking & Finance

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