Why does Adrian Mowat think that Blockchain is a technology wasted in the financial sector?

Mowat thinks Blockchain is an inefficient way of conducting business transactions. He explained that the blockchain consumes energy and costs a lot. He says that the blockchain is 99%.

Blockchain application in the financial sector

When asked about the potential application of Blockchain technology in the financial sector by one of the participants in the summit, Mowat gave a very controversial response. Also, he says that blockchain is a very inefficient way to record transactions on a ledger. He referred to allegations that bitcoin mining would use more energy from all over Austria once.

He went on to say that there is no way of saying that cryptocurrencies are bad and that the blockchain is as good as many financial experts think. Movat said he does not trust blockchain technology. He said he is happy with the national custodian and is happy with the banking system as well. He claimed that the blockchain technology is 99%.

These statements by Adrian Movat created a tense environment in the summit room while many participants sat and wondered. Of course, not everyone would appreciate changes especially the traditional financial elites like Adrian Movat. However, for an industry that has proven to be at the height of the blockchain, it is unfair to call it advertising.

Why is Adrian Movat taking the blockchain wrong?

Just like any other technology that has inaugurated modern civilization, Blockchain technology is still being refined. Just like the World Wide Web in the early 90s, Blockchain will stabilize and find thousands of applications. There are many anti-blockchain crusaders who are against this technology or its progress.

With the current success, blockchain went it alone, it is fair to say that blockchain is a revolutionary technology. Consider the numerous cases of successful applications of blockchain technology in cryptocurrency, health care, research and governance. It would seem more tempting if Movat criticized some particular cryptocurrencies rather than blockchain technology itself.

"The blockchain is a distributed network that solves all the problems we have of finance, but more generally, it's like a philosophy, it's a way of life." American writer, Mike Cernovich.

It is certainly strange the Chief Asian and Emerging Markets Equity Strategist, Managing Director of J.P. Morgan has no clue on the blockchain. JP Morgan, the bank where Movat has spent most of his career, has active blockchain investments.

At this moment it is easier to deduce that there is more global support for blockchain than against it. This is justified by the recent involvement of major hi-tech companies such as Microsoft and IBM with blockchain technology.

Perhaps the cryptocurrency could still be rough and unstable, but the blockchain has already prevented it for a long time. Companies like Ripple use blockchain technology with a high transfer of billions of dollars all over the world every day at low cost and efficiently. The blockchain is being used by some UN agencies to help improve the collection of funds for the UN.

Do you think Blockchain is a hype? Share your opinions on this topic in the comment section below and follow the discussion on chirping.

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