This opinion was expressed by CEO of two payment giants Wells Fargo and Mastercard, that are actively trying out blockchain in different ways, as part of the event dedicated to Fintech.
“Fundamental technologies are very interesting, but they unfold very slowly,” - explained Tim Sloan during his speech, describing blockchain.
As an example of implementation of this technology, Sloan mentioned a pilot project that is being developed by his American bank together with the Commonwealth Bank in Australia, using blockchain for trading operations.
Ajaypal Banga, general Director at Mastercard, which ranks 3rd in the number of patents (111) for development in blockchain field, also expressed doubts about revolutionary nature of blockchain.
“I think blockchain may be attractive thing, but specific business model has yet to be proven. There is a need for a lot of improvements and changes in DLT over time,” -asserted the head of Mastercard.
Nevertheless, Mastercard continues to invest in blockchain. The company is considering its potential for improving supply chains and counterfeit problems.
Let’s recall that recently similar opinion was expressed by the head of Bank of America, that is leading for number of patents in blockchain sphere among fin-institutions.