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When blockchain technology first stepped into the spotlight, it was hailed as the ‘future of internet and finance.’ However, as it is now evident, that is not going to be that easy. Many have been left baffled by the almost forcibly slowed down adoption and progress of blockchain technology given the difference it could make in the finance and banking industry.
There are a lot of reasons that can be attributed to the hostility that blockchain has faced from governments and the industry itself. However, according to Emmanuel Aidoo, the Head of Digital Market Assets at Credit Suisse, the uptake of the technology has been slower than many might have expected due to the “culture” surrounding banking.
“What is preventing the banking industry from rushing into it? I think it’s mostly culture… I think the tipping point is about having an entrepreneurial culture, a willingness to push people to keep asking why.”
He also stated that more banks are expected to launch blockchain-based products this year which is a good thing for the industry. People have to start to take an interest in blockchain technology, looking for ways it could benefit them in terms of cost-profit.
A widely accepted view by the industry is that the banking sector is not doing enough to keep up with the changing times. Competitors rising from not only the crypto sector but mobile and microfinancing could become a serious threat to the current status-quo if the big fish do not start experimenting with the newer technologies.
Aidoo further elaborated on the subject:
“That is really important for companies to have people who challenge themselves to ask questions about the status quo… These are people who focus on change, not change for change’s sake, but an honest reflection for why we do things — can we do things better.”
It is now clear that cryptocurrencies and blockchain technology are here to stay. Banks and other financial institutions who have enjoyed a monopoly over the global finance for the last few decades. However, if they continue to choose to hinder the progress in the sector to try to retain their choke-hold on the industry, the advancements by crypto and mobile finance sectors could soon render them obsolete.