We Can’t Take Wells Fargo’s and Mastercard’s Blockchain Bearishness Seriously (And Neither Should You)

We Can’t Take Wells Fargo’s and Mastercard’s Blockchain Bearishness Seriously (And Neither Should You)
фото показано с : bitcoinist.com

2019-3-29 10:00

CEOs of major financial companies are jumping on the bearish-on-blockchain bandwagon, with both Wells Fargo’s and Mastercard’s CEOs telling CNBC’s Andrew Ross Sorkin that blockchain’s utility in the business world is still unproven and unclear at the Fintech Ideas Festival on Wednesday. 

According to the American multinational financial services companies’ CEOs, blockchain technology is still overhyped and its use-cases for the industry are still unproven — which is almost downright laughable, given the fact that anyone reading this can transfer value overseas with Bitcoin (BTC) faster than they can with a Wells Fargo bank transfer (and for lower fees).

Despite the fact that Bitcoin’s blockchain (and others, for that matter) have proven themselves capable of facilitating speedy and low-fee trustless transactions, Wells Fargo CEO Tim Sloan thinks blockchain technology is overhyped. He stated on stage in San Francisco:

Blockchain has been way oversold. I think the fundamental technology is very interesting, but it’s been very slow to roll out […] If you turned the clock back a few years ago, it should have completely changed the industry — that’s just not the way it works.

Still, Sloan through in a little footnote, stating, “Over time, I think it’ll have an impact.”

You think?

Meanwhile, Mastercard CEO Ajaypal Banga also has some issues with the increasingly not-so-nascent technology, stating:

I think blockchain could be interesting, but the business model is not proven. A lot of this has to improve and change over time.

These statements were made together with Sloan, on the same stage, in a seemingly coordinated effort.

It is worth noting that Mastercard, according to CNBC, as the third most blockchain patents. The company with the most, Bank of America, recently saw its Chief Operations Officer state that she is bearish on the technology:

I haven’t seen one [use case] that even scales beyond an individual or a small set of transactions. All of the big tech companies will come and say ‘blockchain, blockchain, blockchain.’ I say, ‘Show me the use case. You bring me the use case and I’ll try it’. […] I want it to work. Spiritually, I want it to make us better, faster, cheaper, more transparent, more, you know, all of those things.

At this point, it is becoming increasingly more difficult to take these kinds of opinions seriously.

What do you think of Wells Fargo, Mastercard, and Bank of America’s bearish statements against distributed ledger technology? Do you agree that they are well aware of the use-cases for the technology, but merely spewing negative rhetoric for their own purposes? Let us know your thoughts in the comments below! 

Images courtesy of Shutterstock.

The post We Can’t Take Wells Fargo’s and Mastercard’s Blockchain Bearishness Seriously (And Neither Should You) appeared first on Bitcoinist.com.

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 $ 0.3188 (-100%)

blockchain fargo ceos still wells mastercard companies

blockchain fargo → Результатов: 22


Фото:

An Australian Blockchain Experiment: Tracking Global Almond Shipments

Following a successful 2016 trial of blockchain technology in an interbank open account transaction, the Commonwealth Bank of Australia (CBA) has partnered with five international and Australian companies to ship 17 tonnes of almonds from Melbourne, Australia, to Hamburg, Germany, using a new distributed ledger platform built on the Ethereum blockchain.

2018-7-31 23:13


Опрос: 2% американцев владеют биткойн, а еще 26% «заинтересованы в нем»

Согласно опросу Wells Fargo, только 2% американских инвесторов владеют криптовалютой биткойн, а 26% из них заинтригованы в этом. Сообщение Опрос: 2% американцев владеют биткойн, а еще 26% «заинтересованы в нем» появились сначала на Freedman.

2018-7-29 22:59


Wells Fargo вводит запрет на покупку криптовалюты через платежные карты

Банк Wells Fargo & Co. вводит запрет на покупку криптовалюты для владельцев карт, клиенты вынуждены искать другие пути для получения монет. Сообщение Wells Fargo вводит запрет на покупку криптовалюты через платежные карты появились сначала на Freedman.

2018-6-13 23:12