Digital Asset Holdings CEO Blythe Masters has revealed that financial regulators are keen on the potential of blockchain technology, the same technology that underpins Bitcoin, the cryptocurrency that several authorities seek to regulate.
Blythe Masters, CEO of New York-based blockchain startup Digial Asset has claimed that blockchain technology is proving to be favorable for financial regulators. The decentralized, distributed ledger technology is seen as a means to increase transparency while lowering costs, according to Masters.
The former JPMorgan executive was speaking to Reuters, where she stated:
Regulators are very interested in the potential of this technology to improve transparency, audit trails, transaction reporting and reduce operational risk.
Regulators around the world have alternated between refrain and extreme measures in their approach to Bitcoin. Their stance on distributed ledger technology has led to discussion wherein the technology is not seen as an easily compatible fit into existing framework.
Blockchain is the buzzword in recent times, with its place firmly in the spotlight at Fintech conferences and even global financial meets such as the recent World Economic Forum in Davos.
“More broadly, (regulators) hope the blockchain technology can be beneficial to the economy,” she added.
Blockchain-related endeavors and experiments, specifically from the banking industry, has also scaled massively. R3, a blockchain startup is leading a private blockchain consortium that consists of 42 of the world’s largest banks. The task at hand? To explore blockchain technology and solutions to understand and implement its applications to the current financial industry.
In claiming that distributed ledger technology is as significant as the Internet when founded 25 years ago, Masters claimed the blockchain industry space is one of frenzied competition and participation.
There are other startups. There are giant technology firms, and there is competition from in-house development at potential clients who have to evaluate if they want to build or buy.
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Last modified: May 21, 2020 10:33 AM UTC