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Blockchain technology gained extreme traction due to the rise in Bitcoin prices. Although it became popular due to cryptocurrencies, its functionality is not limited to them. Blockchain technology is quite lucrative to a myriad of businesses. Not only does it reduces operational costs, but also boosts the overall growth and efficiency amongst various sectors. This technology is a boon to every sector, especially the financial sector. Blockchain enhances the transaction speed, brings about data integrity, and assures enterprise-grade authenticity across any financial institution. With business logic embedded into smart contracts, Blockchain Technology delivers the much-needed solution to eradicate the concerns of the tech-powered sector.