The Indian government, though standing its ground to not legalize cryptocurrency, has been warming towards blockchain technology. India’s Finance Minister Arun Jaitley has reiterated that the government is against cryptocurrencies, but development in the blockchain industry is another matter.  

According to an editorial published on the business analysis platform YourStory, businesses in the mutual fund sector call for speedy, transparent, and efficient operations. Today, mutual funds have been facing greater regulations, and investors are looking for better service providers.

Blockchain can be used to manage assets and serve customers in numerous ways that would also save on processing times and costs. The implementation of blockchain platforms could potentially save India’s mutual fund industry a large amount of money, for both firms and customers alike.

Moreover, with mutual fund industry focused on wealth generation, blockchain technology will enable fund managers to access real-time customer data. The data — made available from a single, secure location — will allow managers to make better-informed decisions in a timely manner, in order to select the best investments for clients.  

The Indian mutual fund industry has also seen problems, such as liquid funds, where bad loans have lowered the value of liquid funds and downgraded large companies.

In light of these developments, blockchain may be the best solution to keep track of data in the mutual fund system, as the technology could be relied upon to provide early warnings and detect flaws in investment processes. If implemented, blockchain technology could greatly disrupt the way mutual funds operate, similar to its effect on the finance and banking industry.

Source: yourstory.com

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