Bank of America’s tech chief not so sure about blockchain

There are corporations all over the world that are interested in how blockchain might improve their company operations and/or disrupt their sector. Bank of America is one of the most well-known and influential financial institutions in the world, and has gathered blockchain-related patents for some time now. However, it appears as though the tech chief of Bank of America isn’t as excited about blockchain as she once was.

The comments came from Cathy Bessant, the tech and operations chief for Bank of America. She recently stated in an interview with CNBC that she is “open-minded” about blockchain, but admitted “I am bearish” when it comes to her own private sentiment. It is unclear as to what caused her to say these comments.

Some might say that they should be taken with a grain of salt. Cryptocurrency enthusiasts and investors are used to finance executives downplaying blockchain and cryptocurrency for some time now. One of the most famous examples is the fact that Jamie Dimon has strongly bashed the cryptocurrency sector two years before JPMorgan Chase announced the launch of its own crypto coin and became the first U.S. bank to successfully test a digital coin that will be used to facilitate blockchain-related payments.

Interestingly enough, this isn’t the first time that Bessant has criticized cryptocurrency. Last year, Bessant also told CNBC that cryptocurrency lacked transparency, explaining that she believed Bitcoin as a payment system was “troubling.”

The fact that the comments are coming from a Bank of America are interesting, because it is the financial services company with the most patents. Specifically, the Bank of America either received or applied 82 blockchain-related patents, and Bessant defends the fact that the bank has a stockpile of patents. She elaborated the institution “wants to be ready” in case blockchain truly does live up to its potential.

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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