Blockchain Scares Banks

Note from the CEO:  Whoa, slow down here. Here we see that although blockchain technology is changing the financial sector in so many ways, there is reluctance by banks to “go all in”. Seems there are pesky security concerns (like the banks don’t have that now?) and institutions can’t keep transactions confidential. Or, how many times they get hacked?

“Albeit blockchain allows for transactions to become public knowledge, the technology can also be used to keep accurate information confidential. Various banks around the world see transaction confidentiality as a primary security concern for embracing blockchain right now. This new report by Greenwich Associates only confirms the financial sector will not adopt this technology anytime soon.

Distributed ledgers can be of great value to the financial sector as a whole. More transparency, faster settlement, and no longer relying on centralised parties to verify transactions will shake up finance as we know it today. But there are also some security concerns to take into consideration, such as transaction confidentiality.”

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