While major institutions are still cautious over Bitcoin, blockchain has been gaining support and popularity at a remarkable rate. Millions of dollars have been spent on projects within the world of finance and a great many other sectors, and the technology has drawn great praise – the most recent of which has come from the CEOs of two major financial institutions.
ING CEO Ralph Hamers was interviewed by CNBC at the Money 2020 fintech conference, and said:
I think the banks are really working on [blockchain] now because the potential is so huge and if the top five, six global banks would put their minds to it and agree on a standard, you could force [that] standard onto the globe.
He went on to say that this was possible within the next 5 or 6 years. The potential that he was talking about is, of course, the potential that blockchain has to eliminate fraud through its immutable, distributed ledger. And many institutions consider that this new, more robust standard is the way forward in terms of gaining public trust and ensuring that fraud and corruption is stamped out.
Carlos Torres Vila
Meanwhile, the CEO of BBVA, Carlos Torres Vila, also had good things to say about blockchain. He told CNBC:
We believe there is huge promise in blockchain. It is early times in this technology but it can bring about more efficient processes.
This narrative seems to be the most typical; that blockchain could well be the future, but it needs developing, investigating and careful implementation. And if the 5-year prediction plays out, the 2020s could hold a very different financial landscape for the world.
Of course, the financial industry isn’t the only industry to have adopted blockchain on a massive scale, with several startups bringing the tech to the worlds of gaming, supply chain, healthcare and even photography. At the moment, the sky’s the limit for blockchain.
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