Mastercard, Wells Fargo Top Execs: Blockchain Is Overhyped, No Real Use Yet

  • Top managers at Mastercard and Wells Fargo, upon conducting tests with blockchain, claim that this technology is oversold, producing nothing much but hype so far. Still, Mastercard is investing in DLT and believes it needs time to mature

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In a recent interview with CNBC at a big fintech festival earlier this week, the CEOs of Wells Fargo and Mastercard shared that in their opinion, blockchain has long-term prospects. However, they still find it unclear how DLT can be used to make a business prosper.

Business giant’s CEO gives it to blockchain but…

As per them, the amount of hype around blockchain so far is bigger than the actual business use cases it can offer.

Tim Sloan, the head of Wells Fargo, said in a speech at the festival in San Francisco that DLT has been ‘way oversold’. He believes that the basis for future developments that blockchain offers is wonderful. However, the industry is developing at a too slow pace.

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He mentioned an experiment that Commonwealth Bank is conducting in Australia, where DLT is implemented for trade operations. As per Sloan, neither here nor in other pilots, blockchain has not proven to be ready for actual adoption. In Australia, he reminded the audience, just one transaction has taken place so far.

Sloan believes that the technology will certainly have an impact in the future, not in the short-term.

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If that isn’t a Jamie Dimon’ish smirk on his face!

Counterpoint: I spent most of yesterday watching a webcast from the CFTC that described the massive implementation efforts being taken by the CFTC itself to implement an automated smart contract based derivatives market. Then I looked at all of the companies involved. Lots of banks must be involved in the background in order to pull off that project.

I call BULLSHiTe !!

Could it be fake news? That the reporter just doesn’t understand or care to take the time to mull over the content delivered and the tonality of the speaker?

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You never know what conversations were going on behind the scenes during the event. Perhaps Sloan had been bombarded all day by people asking/wondering/chastising him that things aren’t moving quickly enough, and he got annoyed and wanted to set them straight.

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Spin the headline positive, and the blockchain world is safe! Long term! fewf

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