The general public continues to warm up to the reality of cryptocurrencies. One sector that has been more reserved when it comes to embracing the shift to cryptocurrencies is finance, specifically financial advisors. That may be changing, though, as indicated by comments heard at a recent technology conference.
The U.S. Technology Tools for Today (T3) Conference was held in Fort Lauderdale, Florida, from February 6 to 9. Attending financial advisors put their support behind blockchains such as Bitcoin Cash and have started publicly pushing for wider acceptance.
One advisor in particular, Magdalene Ramada, of Willis Towers Watson, said: “Blockchain is a sociological innovation. It is a piece of technology, but it enables us to transfer and transact value on the internet and to organize networks in a way that we were not able to before.”
What this means is that a streamlined approach to financial transactions is already being developed. The natural, and sometimes forced, progression of the system will continue and there’s getting around it. Think big or go home.
Banking and finance bean counters have studied the financial impact of blockchains for years, but few individuals have looked into how the technology affects us on a social level. Financial advisors are now focusing on distributed ledger technology in an effort to create products based on blockchains while still providing the advisors with centralized control. CMEGroup applied for a patent for a system that would facilitate changing blockchain rules without network consensus. Even Accenture was granted a patent last year for what it refers to as “editable blockchain” technology.
The result of all the studies has been that high-level consultants now see the importance of embracing blockchain technology. They realize that cryptocurrencies are here to stay, and that anyone who is between the buyer and seller will soon be out of the picture. This applies to stockbrokers, mortgage brokers and even ticket sellers. Anyone in the financial services industry who doesn’t jump on the cryptocurrency train will be left at the station.