Wells Fargo CEO Tim Sloan says the reality of blockchain has yet to catch up to the hype.
Two CEOs whose companies are experimenting with blockchain say the technology's reality has yet to catch up to its hype.
Sloan pointed to a pilot the U.S. bank did with Commonwealth Bank in Australia, using blockchain for trade transactions. That and other blockchain"consortiums and pilots" within the bank have yet gain real adoption. The Australia pilot, for example resulted in just one transaction, Sloan said. Around the time bitcoin was climbing to nearly $20,000, blockchain was also becoming a corporate buzz word. In one case, a public company saw its stock soar 200 percent after announcing it was pivoting to blockchain. Executives have largely embraced blockchain, while very few have openly backed bitcoin.
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