Blockchain financial technology is a new rising industry that focuses on improving financial activities. Cryptocurrency and mobile-based banking are some of the applications of this technology. The main goal of financial technology is to make financial services more easy and convenient for the public to use.
However, recent research suggests that blockchain financial technology is causing more damage to the economy than improving it. The results show an increase of fifteen percent risk rate than last year. However, the report does not go into much detail on what the potential reasons might be or how this technology will harm the economy. This goes to show that people in traditional finance are not coming to terms with accepting and adopting the new technology.
United States Depository Trust and Clearing Corporation’s Stephen Scharf announce that the results indicate that the public now realizes the possible damage and risk that blockchain financial technology can cause. He emphasizes the importance of security of the global market and says that we should make sure that technologies like artificial intelligence and blockchain to not put its security at risk.
The high profile figures of traditional finance do not trust the authenticity of cryptocurrencies and blockchain technology. The Executive of ECB reportedly said that BTC is the result of the financial crises that happened in 2008.
In a panel in London Andreas Utermann said that cryptocurrency should be banned and Andrew Bailey questioned the worth of virtual assets saying that they hold no actual value.