The Australia and New Zealand Banking Group Limited (ANZ) has thrown some serious shade at distributed ledger technology — commonly referred to as ‘the blockchain.’
According to the third-largest bank by market capitalization in Australia, legacy financial institutions aren’t exactly under immediate threat from the trustless transactions introduced by Bitcoin (BTC) and its creator, Satoshi Nakamoto.
Maria Bellmas, ANZ Institutional’s associate director of trade and supply chain products, stated:
Blockchain has been the darling of the tech world for some time and increasingly so over the medium term, perhaps in part pushed by scorned crypto fanatics grasping for some justification of their obsession in the wake of the bitcoin collapse. Sold as a solution to all of life’s problems, blockchain offers a ton of legitimate solutions for businesses – but raises just as many questions.
One of those questions, according to Bellmas’, is why legacy financial institutions need blockchain technology to improve their…