Blockchain is valuable in enhancing digital security, increasing transparency, expediting transactions, and ensuring data integrity. These aspects hold utmost importance in the digital financial landscape and present substantial advantages compared to traditional financial systems.
Mohammed Rafique Maricar, the Executive Director of iBantu Solusi Syariah, highlighted the transformative impact of blockchain technology on the financial services sector. He shared these insights during a guest lecture on “Digital Economy in FinTech” at SBM ITB (20/11). iBantu specializes in Islamic finance and is a technology partner for Web 3.0 Blockchain. By applying technology and Islamic finance principles, they assist individuals, businesses, and organizations in attaining their financial goals.
Rafique emphasized that the Fintech industry faces numerous challenges, and blockchain technology emerges as a viable solution to address these issues. Blockchain effectively tackles data security, transaction speed, and regulatory compliance concerns. It also diminishes reliance on centralized systems, mitigates shared trust issues, and facilitates cost savings in financial operations.
Additionally, Rafique underscored the significance of aligning technological advancements with ethical financial principles. He emphasized the need to leverage technology for socially responsible financial practices.
