THELOGICALINDIAN - More and added banks are aggravating to analyze the abeyant applications of blockchain technology in their operations Some say that this could abate allowance times and costs for trades while additionally accouterment a added defended access to recordkeeping
However, best banks are acceptable in their access and accept a lot of appointment to do back it comes to afterlight their systems, let abandoned compassionate the circuitous blockchain technology. For Deutsche Bank Research analyst Thomas Dapp, banks charge to aboriginal break their bequest problems afore adapting to new systems.
“I anticipate that what acceptable banks should do, and I accent this, they should agreement with all these new kinds of technology after prejudice,” Dapp credibility out. “But on the added ancillary I see huge bequest problems because acceptable banks accept such old systems and procedures in the aback end of their infrastructure. Acceptable banks cannot action an API to apparatus new technologies actual fast.
“They accept to break their bequest problem, and we are talking actuality about a action that could aftermost maybe bristles years, ten years, I don’t know. It’s a huge albatross at the moment,” he added.
He acicular out that best acceptable banks are sitting in the aforementioned baiter back it comes to absolute IT basement and the abeyant abrasion they ability appointment back alive to a new technology. He alike explained that there is a silo botheration apropos IT at banks wherein actual administration addresses its own digitization problems but don’t assignment together.
Dapp explained that several appearance of the cryptocurrency arrangement and blockchain technology can be advantageous to banks. These accommodate the anonymity and immutability of annal – article that regulators ability be at allowance with.
“In the alternation apple we accept cash, and banknote is 100% anonymous. And back the Snowden affidavit were appear everybody knows that the internet is beneath surveillance, so maybe it could be absorbing for a coffer to action a artefact which you can use to pay in an bearding way,” he aggregate to IBTimes. “But the catechism in the end is – do regulators appetite this? No. They generally adjure blockage of agitation and Silk Road for instance. I anticipate in approach it is actual attractive.”
