Secure-transaction technology has yet to make significant inroads into traditional banking sector
Finance experts say the promise of blockchain technology and the potential for it to change Wall Street and beyond remains. A big reason for that has to do with what a blockchain is.
“A lot of the energy was being put around the crypto side of it,” says Robert Ruark, who leads the US fintech practice of Big Four accounting firm KPMG. “When the crash happened, all of those investments pulled back.” So while anyone can view blockchains, they are almost impossible to hack. Not that you don’t hear about blockchain or crypto hacks – there are lots of them. But most hacks involve gaining access to key codes, which are stored off the blockchain.
Another hurdle, industry specialists say, has to do with liquidity. The markets with the most activity tend to have the best prices and lowest transaction costs, even if technology and market structure is better elsewhere. That could be why blockchains have taken off in crypto markets, which were non-existent before the technology, but not, say, in the bond market, where trillions of dollars already trade through established networks.
In another sign of how blockchain is being more widely adopted in traditional banking, both Citigroup and JPMorgan have announced blockchain projects in recent weeks. “When I stand back and look at the blockchain projects in traditional financial markets, I think the progress has been pretty good,” says Accenture’s Treat. “The vision for simplified blockchain-enabled networks are there – it just takes time.” – Copyright The Financial Times Limited 2023Irish citizens urged to leave Lebanon immediately as Middle East situation deteriorates
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