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QMA (Query Management Application) was developed to address these challenges, especially in back-office operations. By integrating blockchain, firms can enhance data security and ensure that sensitive client information is shared only with authorized parties. This is vital for maintaining client confidentiality and reducing operational risks.
In financial institutions, operational risks—such as the inadvertent sharing of sensitive data—are significant concerns. Blockchain acts as a secure ledger, preventing the accidental or malicious transmission of data between parties, thereby safeguarding client information and maintaining trust.