Blockchain technology is “transformative”, according to Usama Fayyad, chief data officer at Barclays.
Speaking at SWIFT Business Forum London, Fayyad explained that he believes bitcoin is interesting, but argued that it may not remain the most compelling use case in the future.
“Underneath [bitcoin] lies the technology of the blockchain and I think that will be transformative,” he added.
Fayyad took part in a panel discussion titled Harnessing disruptive technology in wholesale financial services, which featured Craig Donaldson, CEO of Metro Bank; Gottfried Leibbrandt, CEO of SWIFT; Christophe Chazot, group head of innovation at HSBC; and Daniel Marovitz, president of Earthport’s European division.
Fayyad expressed interest in the idea of a distributed and secure ledger that can facilitate the exchange of contracts and information while providing the equivalent to a digital signature. He believes the integration of such technology with traditional banking infrastructure “will happen”.
Marovitz echoed Fayyad’s views and explained that Earthport, which provides white-label cross-border payments services to banks, is working to figure out how exactly the distributed ledger concept can be used to improve his company’s operations.
Earthport is already working with Ripple Labs to use its distributed consensus protocol for cross-border payments.