Financial companies must replace the IT infrastructure to adopt Blockchain and Crypto


Industry experts say that financial institutions will need to replace the existing internal IT infrastructure for greater adoption of blockchains and digital currencies, the Scottish newspaper Scotsman reported on November 9th.

Speaking at the ScotChain18 conference in Edinburgh dedicated to the impact of blockchain technology on commerce, Jeremy Drain of the software company focused on cryptocurrency Libra said that "some companies claim that their current infrastructure will accept cryptography and blockchain." that the data of those companies are too different, so their systems are not able to work with blockchain and crypto.

Other participants, such as Deloitte's Risk Advisory Leader for Fintech and RegTech Kent McKenzie and Apolline Blandin of the Cambridge Center for Alternative Finance, have addressed the regulatory challenges that the blockchain poses to governments and the need for standardization in the sector. The managing director of the smart contract provider Monax, Casey Kuhlman, said:

"This is immature software and the value proposition is not clear because of the different technologies involved in each cryptocurrency solution."

The CEO of MBN Solutions recruitment firm Michael Young said that since "many" companies invest in the blockchain and its adaptation to business strategies, it will have an impact on the ability of traditional IT infrastructures to support the "new order".

"Without exception, success stories seem to have one thing in common: they needed the right infrastructure to ensure the transmission, processing and processing of blockchain data fast and without interruption, although this is not a problem for many startup initiatives in the blockchain space, this could mean a complete re-thinking for big companies trying to keep up with this fundamental technology. "

At the end of October, the Japanese information technology and services company Fujitsu announced its plans to build a blockchain interbank settlement platform as part of a joint project with nine domestic banks. The project aims to "confirm the feasibility of blockchain technology" and will use an unnamed "digital currency" to make settlements.

The Moscow exchange (MOEX) revealed in June that it is preparing an infrastructure that will allow companies to conduct initial coin offerings (ICOs) and plans to launch it this year. For MOEX CEO Alexander Afanasiev, the exchange will not list the tokens, but will provide information on the responsibilities of coin issuers, as well as future issuance contracts for ICOs, provided there is sufficient demand from investors.

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