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Pros: Finance Firms Need to Replace IT Infrastructure to Crypto and Adopt Blockchain

According to some industry pros, entering the crypto and blockchain area will need some companies to rethink how they arrange their IT infrastructure.
Delivering a speech at the ScotChain18 conference in Edinburgh dedicated to blockchain technology impact on trade, Jeremy Drain of cryptocurrency-focused software firm Libra reportedly stated that “there’s an assumption by some companies their current infrastructure will take crypto and blockchain. ” Drain further clarified that those companies ’ info is too different, so their approaches are not able to use blockchain along with crypto.Other participants like Deloitte’s Risk Advisory Leader for Fintech and RegTech Kent McKenzie and Apolline Blandin of the Cambridge Centre for Alternative Finance, addressed regulation challenges blockchain presents for authorities and the need for standardization in the business. CEO of contract supplier Monax, Casey Kuhlman reportedly explained:ldquo;That is an immature application as well as the value proposition isn’t clear because of the various tech involved in each cryptocurrency solution. ”CEO of recruiting business MBN Solutions, Michael Young reported that since “many” companies explore blockchain and its adaptation into their own business strategies, it will have an influence on the ability of traditional IT infrastructures to support that the “new purchase. ” Young reasoned:“Without doubt , the success stories appear to have one attribute in common: that they needed the right infrastructure in place to guarantee the speedy, easy, and secure processing and processing of information on the blockchain. Whilst this isn’t an issue for many startup ventures in the blockchain area, this might signify a complete rethink for big corporates seeking to keep pace with this specific technology. ”In late October, Japanese IT services and equipment firm Fujitsu announced its plans to construct a more blockchain-based interbank settlement stage as part of a combined endeavor with nine domestic banks. The project aims to “confirm the viability of both blockchain technology” and also will make use of an autoresponder “electronic currency” to create settlements.The Moscow Exchange (MOEX) disclosed in June that it is preparing infrastructure that will enable organizations to run Original Coin Offerings (ICOs), and hopes to start it this year. Feb MOEX CEO Alexander Afanasiev, the exchange won’t list tokens, but offer information about the duties of Penny issuers, as well as problem futures contracts for ICOs given there is sufficient demand from investors. […]

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