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If I had to choose a department with a financial services company that can reap the rewards of blockchain technology, it would be compliance. While most financial services organizations would say compliance is a high priority for their company, compliance departments generally tend to be largely underfunded. By deploying blockchain technology, companies would have a ‘shared version of the truth’ that can be trusted and acted upon, which would significantly reduce efforts on all sides (in particular compliance) and, in turn, reduce costs of compliance.
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