An executive at US fund management firm Federated Investors said that for the big US banks, buying bitcoin is the first step, and blockchain technology will push for the fourth industrial revolution.
Consistent with the positions of many politicians and large investors including Seoul Mayor Park Won-soon, Steve Chiavarone, portfolio manager at Federated Investors, also believes that the blockchain technology is bright, and the company currently manages $364 billion. Customer assets. Steve Chiavarone said in an interview:
When thinking about this issue from a business perspective, you will find that blockchain technology not only solves the time-consuming, energy-intensive, and costly problems of existing reconciliation work, but also enables instant verification. This means achieving a more efficient operation of the business while reducing expenses and intermediate costs in the office. We believe that the blockchain will be one of the five key technologies including automation, robotics, artificial intelligence and the Internet of Things.
Steve Chiavarone pointed out that many large banks have begun to invest heavily in blockchain and cryptocurrency to meet customer demand for coin purchases and to explore blockchain. Steve Chiavarone said:
Initially, many investors invested in bitcoin because this was the first step closer to the blockchain. Recently, banks have begun to explore a variety of different blockchain networks and technologies. For example, Bank of America at the Davos Forum claims that they invest the most in this area.
Blockchain database startups like Bluzelle have built trusted blockchain networks for large conglomerates such as HSBC, KPMG, Microsoft and Mitsubishi UFJ. These companies also use Ethereum and Ripple through some blockchain alliances. Blockchain network.
Major banks such as JPMorgan Chase, Goldman Sachs and Bank of America work with large companies and corporate groups by providing loans, banking services and business solutions. In parallel with these main businesses, they also need to work with third-party service providers to spend millions of dollars each quarter on audit, settlement and labor costs to maintain their supply chain and small business management.
Chiavarone stressed that blockchain technology will lead the next industrial revolution if blockchain networks and startups can successfully replace the logistics department and related manpower and eliminate the costs involved in the operation of the supply chain.
Steve Chiavarone added:
Whether it is NVIDIA or Intel, investing in companies that may benefit from blockchain technology is also a wise investment strategy.
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