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Australian Bank ANZ Bearish on Blockchain Technology

Despite other big banks venturing into the blockchain space, Australia and New Zealand Banking Group Limited ANZ recently shared their bearing sentiment when it comes to distributed ledger technology. The banking group does not see the good that Blockchain can do to ANZ in the long run.

ANZ Believes Bitcoin will Collapse

As the third-largest bank in Australia when it comes to market capitalization, Australian Bank ANZ has a fear that it will have a series of untrustworthy transactions from cryptocurrencies such as Bitcoin (BTC). The associate director of supply chain products for ANZ, Maria Bellmas, has issued a statement saying that although Blockchain has been the tech world’s darling for quite some time, there is a possibility of a bitcoin collapse in the future.

Bellmas adds that there are many questions pertaining to the integrity of blockchain. She also says that although it is considered as a panacea to all the problems of life, traditional banks should stick to good old databases and traditional technology solutions instead of using something as unpredictable as blockchain.

Following JPM Coin

Bellmas issued her statements a short time after banking giant JP Morgan Chase made a public announcement regarding its newly released JPM Coin, which is an in-house cryptocurrency of the banking group. Also, International Business Machines (IBM) made a similar announcement regarding its World Wire service, which is also powered by blockchain.

Bellmas believes that good old databases and tech solutions are still the best recourse. According to Bellmas, she has seen numerous problems in blockchain projects. Moreover, Bellmas noted that a regular database is often the answer to many problems of banks where blockchain would even prove to be an expensive solution in addition to being insecure.

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