Wall Street remains bullish on blockchain despite hurdles to mainstream adoption: CNBC

2023-7-27 20:45

A new CNBC feature on July 26 highlighted that Wall Street’s view on blockchain technology remains bullish as the pressure from market dynamics and the need for innovation push the American financial system to explore blockchain technology for future growth.

.According to Tanaya Macheel of CNBC, Wall Street views blockchain as a solution to inefficiencies and time-consuming processes within the current financial system. This decentralized, transparent, and fast transaction method holds promise in a system that suffers from siloed infrastructures and slow transfers.

The CEO of Onyx at JP Morgan, Umar Farooq, shared with CNBC the belief that blockchain technology could revolutionize and rewrite financial market infrastructures. This potential for cross-platform integration and speed has banks such as JP Morgan City and Goldman Sachs betting on blockchain’s transformative power.

James Angel, a Business Professor at Georgetown, suggested that tokenization, a process by which real-world assets are converted into digital assets on a blockchain, is not a new concept, having been a part of financial markets for centuries.

However, according to analysts at Citi, Macheel noted that blockchain could optimize this process significantly, leading to a potential $5 trillion industry by 2030.

Despite these potential benefits, the transition to blockchain is not without its challenges. As Macheel noted, the financial system is one of the most heavily regulated industries in the world, and changes are often slow-moving.

Regulatory bodies such as the SEC and the Treasury must be involved in any significant change, adding further complexity to the process.

Yet, these challenges have not deterred some of the major players in the financial industry. Macheel reported that JP Morgan’s blockchain platform, Onyx, has already processed $700 billion in short-term loans since its launch in 2020, highlighting the practical applications of this technology in finance.

The success of blockchain and tokenization will depend mainly on user acceptance and adoption, as Ryan Rugg, Head of Digital Assets at CITI Bank, pointed out. According to Rugg, the less noticeable the technology is to a client, the faster its adoption rate is likely to be.

The potential benefits that blockchain technology offers in terms of efficiency, transparency, and speed make it a promising avenue for the future evolution of the financial sector. However, as CNBC’s feature suggests, significant challenges remain, and the journey to full integration of blockchain technology into Wall Street will require further exploration and time.

The post Wall Street remains bullish on blockchain despite hurdles to mainstream adoption: CNBC appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

High Performance Blockchain (HPB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.0064459
Капитализация $0 Rank 99999
Цена в час новости $ 0.0910131 (-100%)

blockchain wall technology cnbc remains bullish street

blockchain wall → Результатов: 126


Фото:

Tone Vays Got His BitMEX Account Suspended

The former Wall Street veteran and actual crypto market analyst and trader Tone Vays got his BitMEX account terminated on November 12 over suspicions of holding a U.S. citizenship. Vays who has over 10 years of experience in big financial corporations like Bear Stearns and JP Morgan Chase, took to Twitter to announce his account […] Tone Vays Got His BitMEX Account Suspended was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-11-19 17:29


Фото:

The Famous Wall Street Analyst Tom LEE at the Blockchain Economy Istanbul Summit!

The Famous Wall Street Analyst Tom LEE, who is very well-known with his significant role in Blockchain economy and definite predictions on Bitcoin prices, is coming to Istanbul. Tom Lee is taking a stage at the Blockchain Economy Istanbul Summit as a key speaker and is going to share with the attendees his price predictions, his prognosis about the further.

2018-11-10 22:00


Фото:

No Point Launching Bitcoin ETFs Until the Industry Is ‘Legitimate’: BlackRock CEO

Like many of its Wall Street peers, BlackRock, the world’s largest asset manager, has been slowly cozying up to crypto. However, the company has no plan whatsoever to launch an exchange-traded fund (ETF) for digital assets anytime soon, said CEO Larry Fink at the New York Times DealBook Conference in Manhattan on November 1, 2018.

2018-11-2 19:28


Buy the Rumor, Sell the XRP?

“Buy the rumor, sell the news” is an old Wall Street axiom. Many believe we are now at the selling part for Ripple’s token XRP. It has just announced its launch of the xRapid product at this week’s Swell Conference in San Francisco, and there were some large appreciations in the anticipations building up to the […] Buy the Rumor, Sell the XRP? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-10-3 18:25


Фото:

JPMorgan Includes Blockchain in Its Digital Transformation Plan: New Report

A new report by Research and Markets titled “Digital Transformation and Fintech Strategies of JPMorgan Chase” is shining light on the Wall Street giant’s plans for the future. The report suggests that the bank is depending on a digital transformation strategy that will include blockchain, artificial intelligence, and robotics, among other up-and-coming technologies.

2018-10-3 16:49


Bitcoin, Blockchain and Cryptocurrency News For Today September 25th [VIDEO] Recap

Tron (TRX)'s Justin Sun Thinks Recent XRP Coin Surge is Led by Financial Institution's Blockchain Adoption Tron (TRX)'s Justin Sun Thinks Recent XRP Coin Surge is Led by Financial Institution's Blockchain Adoption Former Wall Street Analyst Says “Hodling” Killed Bitcoin as an Electronic Cash System Former Wall Street Analyst Says “Hodling” Killed Bitcoin as an […]

2018-9-26 01:53


Фото:

Wall Street Cozying Up to Bitcoin Could Open Up a Can of Worms Nobody Wants to See

With a number of Wall Street heavyweights beginning to open up to the crypto space, mainstream adoption of Bitcoin and other popular tokens seems almost inevitable at this juncture. But is this actually a positive development that investors should look forward to? Perhaps not, say some experts who seem convinced that the financial industry’s embrace […] Wall Street Cozying Up to Bitcoin Could Open Up a Can of Worms Nobody Wants to See was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-9-13 16:59