Banks and financial institutions have always been reluctant to comment positively on Bitcoin and Blockchain technology. In general, they perceive these new technologies as a threat. But the truth may be different. Indeed, some of the world’s most important banks are working with and benefiting from Blockchain technology.
Famous banks around the world have already started to benefit from Blockchain technology
Deutsche Bank Sees Opportunities in Blockchain
Christian Nolting, the bank’s global wealth manager, and Marcus Muller, global head of the CIO office, said that cryptocurrencies and Blockchain technology could bring great opportunities to the market. Blockchain will be able to change the way companies around the world work. Additionally, 10% of global GDP in 10 years will be powered by Blockchain. The bank made the following statement:
“We hope that Blockchain will continually change the business model of companies. Blockchain technology enables faster and cheaper exchange of assets and financial products between individuals, without intermediaries, by reducing information asymmetry between individuals.” is optimistic. Neustar International Security Council has released a report revealing that 80% of companies have an interest in using cryptocurrency for transactions. Almost 50% of respondents stated that cryptocurrencies can bring income to their businesses.
Cryptocurrencies and Blockchain can improve banking products and services in a competitive world like never before. Financial institutions must adapt to the changes the world is facing by embracing this promising technology.
Bank of America and JP Morgan Working with Blockchain Technology
One of the banks against Bitcoin from the very beginning JP Morgan Chase also benefits from Blockchain technology. It has improved some of its products and services with this technology and is trying to keep up with technology so that it does not fall behind new financial trends.
At the same time, Bank of America also announced that they will not be able to adapt to new technologies if they do not invest in Blockchain technology to improve their technology. In its statement, the bank said:
“Our failure to adapt our products and services to evolving industry standards and consumer preferences can harm our business. Our success depends on our ability to adapt our products and services to evolving industry standards.. There is increasing pressure from competitors to offer products and services at lower prices. This, in turn, can affect our ability to increase revenue and compete effectively.”
Bank of America explains that this is the case with most of the banks that compete in the market.. That’s why it’s so important to understand that technology needs to be adopted and improved. If they don’t, the consequences could be disastrous for these institutions.
Indeed, JP Morgan has a special department called the Blockchain Center of Excellence (BCOE) that works with this technology. The purpose of BCOE is to work with Blockchain technology, to explore new use cases and pilot solutions in business areas. it will be good.