According to a report, Bank of America (BoA) Chief Technology Officer (CTO) Catherine Bessant is not buoyant over Blockchain even the bank holding more patents than any other financial institution. In her statement, she stated that even though the bank’s official stance on the technology was palpably buoyant; her personal views were relatively different. Currently, Bank of America holds more than 80 Blockchain patents, beating out the likes of the Big Four accounting firms and other Wall Street entities.
Bessant further stated that she hasn’t seen one use case that even scales beyond an individual or a small set of transactions, with adding that all of the big tech companies will come and say blockchain, the blockchain, Blockchain. I say, show me the use case. You bring me the use case and I’ll try it. Though, that perspective would notionally put Bank of America at odds with the likes of JPMorgan, that particularly unveiled JPM Coin, a Blockchain-based token this month, with saying that it will ultimately have a range of transaction-based deployments.
However, for Bessant, the project needs to stand the test of time to gain credibility. She said that she will be curious to see what the actual volume of usage is on the JPM Coin in a year. As holding Chief operations and technology officer at Bank of America, Catherine Bessant is also a member of the company’s executive management team. Besides, she has held a number of senior leadership roles for the company.