The Difference Between Blockchain and Fintech

Blockchain technology is emerging so fast that, it becomes important to know each and everything related to it. Fintech has been in the industry as a financial service but we need to establish distinctions and overlaps between Fintech and Blockchain.
Blockchain
It is designed for cryptocurrencies applications and of course for Bitcoin. The idea behind the development of blockchain is to provide a way for the public to make a secure digital transaction without any centralized authority. Also, to remove a cost and tethering to 3rd parties. Blockchain applications are efficient and secure, consequently revealing a new world of opportunity. Logistics, medical records, communications industries embrace distributed ledger technology, the list goes on. Distributed ledger technology DLT or Blockchain records transactions and data openly. As it can’t alter retroactively without changing all the past blocks. Therefore it’s on very close to complete immutability, making it resistant to data modification. Fintech: Financial Technology is new, and very much innovative technology designed to disrupt financial services. Companies are using this technology to improve financial endeavors. By nature, it is at odds with tradition and for that, it can be unnerving for authorities such as banks and government. A new approach of being more efficient can affect organizations. Overall, they are hard to regulate without a perfect understanding and it might take a long time. These renegade projects booming startup ecosystem. They’re committed to changing the way everyone currently doing things in finance for the better. Fintech Blockchain projects are redefining processes and change the business models to drive better security and efficiency. Here are the four categories of users:

1. Business-to-business for banks.
2. Business-to-business for banks’ clients.
3. Business-to-client for consumers.
4. Business-to-client for small businesses.

These two industries are growing rapidly in size and breadth. It seems that they are hand in hand for the moment. Minddeft is a cloud service company, they provide a solution that will help businesses with insight and new opportunities. We leverage the combined power of Fintech Blockchain, AI and the cloud to transform the way you deliver the services. We support many industries such as Healthcare, Financial service, Retail, Customer Loyalty and much more.