2018’s most powerful woman in banking, Cathy Bessant, is admittedly bearish on distributed-ledger technology — despite the fact that the company for which she is the tech and operations chief, Bank of America (BofA), has the most blockchain patents in the financial services industry.
Bank of America may be stockpiling blockchain patents like it’s nobody’s business, but Bessant apparently believes the technology may not amount to anything. She stated in an interview:
What I am is open-minded. In my private scoreboard, in the closet, I am bearish.
Show Me The Use Case!
Bessant’s self-proclaimed bearishness stems from her belief that the technology made famous by Bitcoin (BTC) doesn’t have a viable use case — not even one. She stated:
I haven’t seen one [use case] that even scales beyond an individual or a small set of transactions. All of the big tech companies will come and say ‘blockchain, blockchain, blockchain.’ I say, ‘Show me the use case. You bring me the use case and I’ll try it’. […] I…