The financial services industry has been greatly affected by blockchain technology, which is a safe, decentralized, and open record system. There are many areas of the financial services industry where its ability to change old business models and ways of doing things is clear. Blockchain technology is used to streamline payment systems, which get rid of the need for middlemen and make cross-border transfers faster, safer, and cheaper. As a global payment network based on blockchain technology, Ripple lets financial institutions process payments instantly and with very little fee, making it a fast and cost-effective option to traditional payment methods. As blockchain becomes more popular, it will probably cause a big change in how payments are made around the world, making it easier for people and businesses to do business across countries. Despite being an important part of international trade, trade finance is often hampered by slow and difficult processes, lots of paperwork, and scams. Digitalizing trade papers, streamlining processes, and creating a secure, non-changeable space for transactions are all problems that blockchain technology can solve. Blockchain technology is used by platforms like Marco Polo to provide faster, more open, and safer ways to finance trade, which encourages trading partners to work together more. Streamlining claims handling, increasing transparency, and lowering fraud are some of the ways that blockchain technology could change asset management. Employers can use smart contracts to automate the claims process by saving policy and claim data on a blockchain. This lets insurers pay out claims more quickly and with lower administrative costs. Due to its access to a huge amount of verifiable data, blockchain can also help with better risk assessment and price. In the financial services industry, blockchain technology makes it easier for officials to keep an eye on and audit financial activities by keeping a safe, public, and unchangeable record of transactions. Effective customer onboarding and anti-money laundering (AML) processes can be made possible by blockchain-based identity management systems. The unbanked and underbanked could have easier access to financial services with blockchain technology. This could help support financial inclusion. With blockchain technology, decentralized finance (DeFi) platforms provide a variety of financial services that don't require standard middle-men like banks. This helps more people get access to money and the economy grow.