íàçâàíèå

Australian Bank ANZ Still Doesn’t Understand Blockchain Technology

Australian Bank ANZ Still Doesn’t Understand Blockchain Technology

The Australia and New Zealand Banking Group Limited (ANZ) has thrown some serious shade at distributed ledger technology commonly referred to as ‘the blockchain.’

According to the third-largest bank by market capitalization in Australia, legacy financial institutions aren’t exactly under immediate threat from the trustless transactions introduced by Bitcoin (BTC) and its creator, Satoshi Nakamoto.

Maria Bellmas, ANZ Institutional’s associate director of trade and supply chain products, stated:

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 lifes problems, blockchain offers a ton of legitimate solutions for businesses but raises just as many questions.

One of those questions, according to Bellmas’, is why legacy financial institutions need blockchain technology to improve their offerings. She believes that traditional banks and the like do not necessarily need it and are better off using existing good old databases and technology solutions.


Bellmas’ statements come shortly after JPMorgan Chase announced its own in-house cryptocurrency, JPM Coin. International Business Machines Corporation (IBM) also recently launched its blockchain-powered World Wire service, which aims to provide new financial pathways that both clear and settle cross-border payments almost instantaneously.

So, yeah … maybe those good old databases and technology solutions aren’t quite good enough. Still, that news apparently didn’t reach Bellmas, who continued:

The reality is a lot of the problems blockchain projects attempt to fix have already been solved by existing technologies. In many cases, a regular database can solve for the problem with more reliability and for much less cost than blockchain.

Bellmas failed to note which existing technologies, specifically, remove the need for a trusted third-party when transacting value across borders for virtually non-existent fees and in real-time.

What do you think of Bellmas’ statements? Do you agree that financial institutions do not need blockchain technology? Let us know your thoughts in the comments below!

Images courtesy of Shutterstock.

The post Australian Bank ANZ Still Doesn’t Understand Blockchain Technology appeared first on Bitcoinist.com.

24.03.2019 / 18:40 88
Commonwealth Bank Boasting Blockchain-Enabled Global Trade Platform Commonwealth Bank Boasting
In-house blockchain technology solutions continued to permeate supply chains as Australia’s Commonwealth Banks has successfully conducted a
Australian ‘Big 4’ Bank Taps Ethereum Blockchain for 17-Ton Almond Shipment to Germany Australian ‘Big 4’ Bank Taps Ethereum
The Commonwealth Bank of Australia (CBA) has announced the successful completion of a global trade experiment involving a shipment of 17 metric
NEM (XEM) Invests $100 Million AUD In Blockchain Hubs In Australia And New Zealand NEM (XEM) Invests $100 Million AUD In
After launching the Largest Blockchain Center In Asia, NEM (XEM), a blockchain technology that delivers industry-leading transaction rates for
IBM Wins AUD $1 Billion Contract to Develop Blockchain, Tech Initiatives for Australia Govt. IBM Wins AUD $1 Billion Contract to
Computing giant IBM has been awarded a landmark contract to develop blockchain and other digital technology initiatives for the government of
PwC Australia, Port of Brisbane Unveil Blockchain Supply Chain Pilot PwC Australia, Port of Brisbane Unveil
The Australian arm of "Big Four" auditing firm PwC is working a new solution aimed to boost efficiencies in the country's international trade
ANZ, IBM Develop a Blockchain Insurance Solution in New Zealand ANZ, IBM Develop a Blockchain Insurance
New Zealand’s largest bank ANZ, with tech partner IBM, has successfully developed a blockchain solution that will serve as a ‘single source of truth’
Comments (0)
Add a comment
Comment on