Bank of America CTO Catherine Bessant: We Haven’t Found a Blockchain Use Case in Finance

#1

via cointelegraph.com

Catherine Bessant, chief technology officer at Bank of America, admitted that the institution has yet to find blockchain use cases for the financial services sector. Bessant made her comments during an interview with Bloomberg published on May 14.

Speaking to Bloomberg, Bessant said that — while she believes this technology to hold a lot of potential — blockchain is “full of sound and fury, yet to signify something.” Still, she noted that she believes blockchain has practical applications:

“I believe that there are use cases that makes sense today, we have yet to find them at scale in financial services. 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.”

The views expressed by Bessant are seemingly in contrast with what she said in March, when she told CNBC that she is privately bearish on blockchain despite the bank holding more patents than any other financial institution.

According to Crunchbase, Bank of America has an estimated revenue of $91.1 billion and is one of the world’s largest financial institutions, serving approximately 51 million consumers and small business relationships.

As Cointelegraph reported earlier this week, British financial software firm Finastra has signed three global banks on its R3 Corda blockchain-based syndicated loans platform.

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#2

half the ML brokers own bitcoin, while telling their clients its a scam, sounds like shady dealing and hypocrisy at its finest~ No wonder people hate the banksters

ml is owned by bofa

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#3

The use case for BTC in the financial services industry include it being more valuable, and it increases in value however so volatile quicker than the shit FIAT money they hold for people to service them with. Also, sending money on the Blockchain is quicker than cashing a check from a bank that is not yours, and cheaper than paying the cash check fee at the original bank. Maybe she means Bitcoin is better and they can’t beat that, so she slanders? Like you say, lies and hypocrisy. “No good use case,”… for us to swindle our customers.

Bitcoin, full of sound and fury, signifies you losing your job, lol.

To be fair, good on them for trying, the hard way, as filing for patents isn’t as easy as sending a BTC transaction. Maybe they don’t need patents and should just use BTC. Also, case in point, BTC has already shown the world it is not ready for widespread global adoption, in that it doesn’t have the capacities to handle as high TPS scale to compete in the global financial services market, yet

"## Bitcoin is too slow to be used as a currency.

The truth about Bitcoin is that yes, it is slower than VISA, Mastercard, and other centralized electronic payment systems.

Paying with your credit cards takes seconds and the network can handle payments around the world 24/7. However, though Bitcoin can also be used around the world, confirmation of payment takes an average of 10 minutes; during the bitcoin craze of late 2017, confirmation times could take hours .

Moreover, VISA on average processes around 2,000 transactions per second (tps). This means the number of payments people make per second on the network. VISA has a maximum of 24,000 TPS. Bitcoin, by contrast, has a maximum of 10 TPS . This argument has been put forward by many critics over the years and picked up by the media as the doom of bitcoin’s future."

Honestly, way too slow.

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#4

This is somewhat contradictory to:

It’s like their own people dont talk to each other LOL

Stay Fishy

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#5

Sometimes CoinTelegraph makes their headlines a bit sensational to attract readers and then the actual article spells out the facts.

She actually used the word “skeptical” (which she is welcome to use) in a CNBC interview which is linked below.

[

Bank of America skeptical on blockchain despite having most patents

](https://www.cnbc.com/2019/03/25/bank-of-america-skeptical-on-blockchain-despite-having-most-patents.html)

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