According to various bank executives who spoke at the American Banker Blockchain event, while Blockchain technology is on the road to being implemented in the banking sector, it doesn’t come without its own challenges.
At the event, top executives from banks such as JPMorgan Chase, Citigroup, Mitsubishi UFJ Financial Group, among others were present.
“Generally, when asked about whether Blockchain technology had already been integrated into the sector, the answer was “we’re in the production.”
Five years is all it takes
Amber Baldet of JPMorgan Chase says that the implementation of Blockchain technology in the banking sector must not be rushed just for the sake of public consumption.
Although bank executives have stated that integrating the technology will take some time, they appear positive with its development. According to Cognizant’s report entitled “Financial Services: Building Blockchain Technology One Block at a Time,” 86 percent of bankers agree that public Blockchain technology will gain prominence in the next five years. The study consisted of respondents made of 1,520 executives from over 500 financial firms in America.
With the bullish movement of many sectors with regard to Blockchain technology, it does seem like Blockchain technology will become the next big thing in the financial sector.
However, according to most bank execs from the conference, doing this will take some time since it involves the introduction of a new brand of technology to an age-old sector. Everything must be done carefully as the stakes of millions of banking customers ride on the security and safety of the technology.