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Blockchain full of potential, but also ‘sound and fury’, Bank of America CTO says

Carol Gaszcz
Belgium-based securities settlement house Euroclear is developing an end-to-end blockchain solution for the issuance and settlement of European Commercial Paper (ECP).The post Securities settler Euroclear building a blockchain solution for commercial paper appeared first on The Block.

Cathy Bessant, tech and operations chief at Bank of America, said that blockchain is a technology with a lot of potential in an interview with Bloomberg. However, she claims blockchain is “full of sound and fury, yet to signify something.”

According to Bessant, BofA is still searching for a use case that would be beneficial for the financial technology sector as a whole. In March, the bank had 82 blockchain-related patents.

“I believe that there are use cases that make sense today; we have yet to find them at scale in financial services,” Bessant said. “We’re experimenting heavily. We have more patents than any other financial institution in the blockchain space, but have yet to find something that makes a difference for our clients or our customer.”