Santander and UBS discuss blockchain technology at Bank of England Open Forum meeting

Swiss investment bank UBS and Spanish bank Santander recently attended the Bank of England’s Open Forum meeting in London, where the two banks discussed issues related to blockchain technology.

乔斯·玛丽亚·富思特, global creative director at Santander, spoke about the potential of blockchain technology to disrupt the financial industry during a panel discussion on how fintech innovation can support the future of the global economy.

Fuster said:

“Blockchain technology is the underlying technology of digital currencies such as Bitcoin…This technology can create a completely new infrastructure for us to transfer funds, store funds, create smart contracts, and so on. It has the potential to fundamentally change the face of the financial industry.”

Although Fuster is optimistic about blockchain technology, he also said rationally:

"This kind of change cannot be achieved overnight and will take some time."

However, many financial companies have not paid much attention to Bitcoin blockchain technology, so Fuster called on his colleagues and others not to ignore innovation and should pay attention to the importance of blockchain technology to the financial industry.

"Innovation used to be a new concept, but now it is something that must be done. If you don't innovate, someone will surpass you or replace you with a newer business model...Innovation is a strategic tool."

Just a few days ago, Santander InnoVentures, a venture capital company under Santander Bank, organized a global blockchain technology competition to support blockchain technology startups. In addition, Santander InnoVentures also participated in Ripple's $32 million Series A financing and invested $4 million in Ripple Bank.

The topic of bitcoin’s blockchain technology also came up in a panel discussion on the role of central banks in financial markets, with Digital Assets Holdings CEO Blythe Masters and UBS Investment Bank Chairman Alex Weber, who announced the launch of a blockchain research lab in April, taking center stage.

According to city.am, although Weber attaches great importance to the benefits of technology, he is not interested in digital currencies such as Bitcoin. In his opinion, digital currencies are currencies without government support and cannot succeed.

Original article: http://www.coindesk.com/santander-and-ubs-discuss-blockchain-at-bank-of-england-conference/
By Yessi Bello Perez
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information