Industry experts say that financial institutions will have to replace
their existing internal IT infrastructure for greater adoption of
blockchain and digital currencies, Scotland’s national news outlet the
Scotsman reported Nov. 9.
Delivering a speech at the ScotChain18 conference in Edinburgh
devoted to blockchain technology impact on commerce, Jeremy Drain of
cryptocurrency-focused software company Libra reportedly stated that
“there’s an assumption by some companies that their current
infrastructure will accept crypto and blockchain.” Drain further
explained that those firms’ data is too different, so their systems
are unable to work with blockchain and crypto .
Other participants like Deloitte’s Risk Advisory Leader for Fintech
and RegTech Kent McKenzie and Apolline Blandin of the Cambridge
Centre for Alternative Finance, addressed regulation challenges
blockchain poses for governments and the need for standardization in
the industry. CEO of smart contract provider Monax, Casey Kuhlman
reportedly said:
“This is an immature software and the value proposition is
not clear due to the different tech involved in each
cryptocurrency solution.”
CEO of recruitment firm MBN Solutions, Michael Young said that
since “many” companies investigate blockchain and its adaptation to
their business strategies, it will have an impact on the ability of
traditional IT infrastructures to support the “new order.” Young
concluded:
“Without exception, the success stories seem to have one
characteristic in common: they needed the right infrastructure
in place to ensure the rapid, seamless, and secure transmission
and processing of data on the blockchain. Whilst this is not an
issue for many startup ventures in the blockchain space, this
may mean a complete rethink for large corporates looking to
keep pace with this foundational technology.”
In late October, Japanese IT equipment and services company Fujitsu
announced its plans to build a blockchain-based interbank settlement
platform as part of a joint project with nine domestic banks . The
project aims to “confirm the viability of blockchain technology” and
will use an unnamed “digital currency” to make settlements.
The Moscow Exchange (MOEX) revealed in June that it is preparing
infrastructure that will allow companies to conduct Initial Coin
Offerings ( ICOs ), and expects to launch it this year. Per MOEX CEO
Alexander Afanasiev, the exchange will not list tokens, but provide
information about the responsibilities of token issuers, as well as
issue futures contracts for ICOs provided there is sufficient demand
from investors.
their existing internal IT infrastructure for greater adoption of
blockchain and digital currencies, Scotland’s national news outlet the
Scotsman reported Nov. 9.
Delivering a speech at the ScotChain18 conference in Edinburgh
devoted to blockchain technology impact on commerce, Jeremy Drain of
cryptocurrency-focused software company Libra reportedly stated that
“there’s an assumption by some companies that their current
infrastructure will accept crypto and blockchain.” Drain further
explained that those firms’ data is too different, so their systems
are unable to work with blockchain and crypto .
Other participants like Deloitte’s Risk Advisory Leader for Fintech
and RegTech Kent McKenzie and Apolline Blandin of the Cambridge
Centre for Alternative Finance, addressed regulation challenges
blockchain poses for governments and the need for standardization in
the industry. CEO of smart contract provider Monax, Casey Kuhlman
reportedly said:
“This is an immature software and the value proposition is
not clear due to the different tech involved in each
cryptocurrency solution.”
CEO of recruitment firm MBN Solutions, Michael Young said that
since “many” companies investigate blockchain and its adaptation to
their business strategies, it will have an impact on the ability of
traditional IT infrastructures to support the “new order.” Young
concluded:
“Without exception, the success stories seem to have one
characteristic in common: they needed the right infrastructure
in place to ensure the rapid, seamless, and secure transmission
and processing of data on the blockchain. Whilst this is not an
issue for many startup ventures in the blockchain space, this
may mean a complete rethink for large corporates looking to
keep pace with this foundational technology.”
In late October, Japanese IT equipment and services company Fujitsu
announced its plans to build a blockchain-based interbank settlement
platform as part of a joint project with nine domestic banks . The
project aims to “confirm the viability of blockchain technology” and
will use an unnamed “digital currency” to make settlements.
The Moscow Exchange (MOEX) revealed in June that it is preparing
infrastructure that will allow companies to conduct Initial Coin
Offerings ( ICOs ), and expects to launch it this year. Per MOEX CEO
Alexander Afanasiev, the exchange will not list tokens, but provide
information about the responsibilities of token issuers, as well as
issue futures contracts for ICOs provided there is sufficient demand
from investors.
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