Large banks invest in Blockchain and digital currency: analyst

Steve Khavaran, a portfolio Manager of the investment company Federated Investors, which oversees client assets in the amount of 364 billion dollars, said that Blockchain technology will lead to the fourth industrial revolution, reflecting the position of many large investors and politicians.

“When you think about it from the point of view of the company, this technology has the ability to replace the whole office, which is engaged in verification of documents. This means that companies can have more efficient supply chains. Blockchain technology will reduce costs and allow businesses to work more efficiently. We believe that Blockchain will be one of the five key technologies along with artificial intelligence and Internet of Things,” Chiavarone said in an interview with CNBC.

Large banks such as JPMorgan, Goldman Sachs and Bank of America collaborate with large conglomerates and businesses to provide banking services, loans and business solutions. In addition, the companies also work with third party service providers on a quarterly basis and spend millions of dollars on auditing, coordination and labor for the maintenance of supply chains and small-scale operations.

Chiavarone said that many large banks have started to invest heavily in the Blockchain and cryptocurrency sector.

“Many investors started investing in bitcoin for the first time, because it was the only way to get to Blockchain. Large banks invest huge amounts of money in this technology,” the expert added.

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