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Australian Bank ANZ sees no threat from Blockchain


Per the third-largest bank in Australia traditional financial institutions are under no immediate threat from trustless transactions from Bitcoin (BTC) and other cryptocurrencies. The news came through leading media outlet Bitcoinist. 

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 life’s problems, blockchain offers a ton of legitimate solutions for businesses – but raises just as many questions."

Traditional Institutions are at Right Place

Bellmas further said that traditional financial institutions have no need for blockchain to improvise on their offerings. And are rather happier and better of using old database and technology solutions. 

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.

Her statement come shortly after JPMorgan Chase announced JPM Coin. International Business Machines Corporation (IBM) recently launched its blockchain-powered World Wire service. The service seeks to   pathways that settle cross-border payments instantaneously.

Crypto Adoption on a Rise

While Bellmas might have a different purview of blockchain all together, studies have noted a steady rise in crypto and blockchain adoption. On 6th March, CoinMarketFeed reported,  KPMG conducted a survey comprising of 740 global leaders in the technology industry from 12 countries and presented the data in a report dubbed the 2019 Technology Industry Innovation survey.

The survey found out that 41% of tech leaders are highly likely to enable blockchain technology into their business well within the next 3 years, 31% opined being neutral in their observations and the changes taking place, whereas the remaining  28% said they were not keen in implementing Blockchain technology.

Also, earlier this month The County Auditor’s Association of Ohio (CAAO) today announced the formation of an active group to study distributed ledger technology for the effective transfer of property deeds. The group to be formed will purportedly test the use of distributed ledger technology for bringing efficiency to management and execution to real estate transactions.

In addition, to transfer of land titles across several nations. Moreover, their ongoing projects will be scrutinized by SafeChain member Tony Frano. This step will help the association set measurable goals also build on operating principle for the new technology.