Australian Bank ANZ Is Not So Sure About Blockchain Technology
The Australia and New Zealand Banking Group Limited (ANZ) seems to disagree with the possible solutions that blockchain technology provides to companies and enterprises around the world. According to Maria Bellmas, ANZ Institutional’s associate director of trade and supply chain products, blockchain raises many questions.
ANZ Not So Sure About Blockchain
Blockchain and virtual currencies have been expanding all over the world during the last years. Distributed ledger technology (DLT) allows companies to reduce costs, offer better solutions and improve their services. However, Maria Bellmas does no seem to agree with it.
As reported by itnews, Bellmas commented:
“Blockchain has been the darling of the tech world for some time and increasingly so over the medium term, perhaps in part pushed by scorned crypto fanatics grasping for some justification of their obsession in the wake of the Bitcoin collapse. Sold as a solution to all of life’s problems, blockchain offers a ton of legitimate solutions for businesses – but raises just as many questions.”
One of the questions that Bellmas asks is why legacy financial institutions have to work with blockchain technology to improve their offerings. According to her, banks and financial institutions do not really need it and work better with the “good old” databases solutions.
Nonetheless, there are several banks that are working with blockchain technology to improve their services and products. One of these companies is JP Morgan that has recently launched the so-called JPM Coin. In the past, JP Morgan’s CEO, Jamie Dimon, showed that he is against Bitcoin (BTC) and cryptocurrencies in general. However, he praised the technology behind Bitcoin and how it could help banks improve their services.
At the same time, International Business Machines Corporation (IBM) has launched the World Wire service that will help companies perform cross-border payments almost instantaneously. In addition to it, Santander Group is also working with distributed ledger technology, allowing users to perform cross-border payments in a fast and easy way.
According to Bellmas, the reality is that several problems have already been solved by existing technologies for less cost than implementing blockchain solutions. Nonetheless, she did not provide information regarding the technologies that would allow companies to solve some of their problems without having to depend on a centralized authority.