BofA's tech chief is skeptical of blockchain — but the bank leads all financial institutions with 82 patents for the technology:
it settled $250 billion in forex trades in 2018 over blockchain and that it wants to make the platform available to its clients, such as FIs, as examples. Both use cases, however, have yet to prove they can scale.
it's abandoning plans to launch its own crypto, having decided it would create greater value by focusing on improvements to current payment ecosystems, like SWIFT.Blockchain is still a nascent technology, but funding continues to pour into the tech and FIs are narrowing in on certain opportunities.
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