Blockchain is here to stay, Brett King believes; don’t get too hyped about it, Brad Garlinghouse warns

Brett King, futurologist and banking expert from Australia, told at the Russian Finopolis 2017 forum held in Sochi that future banks would not require bankers. Instead, they are going to require coding specialists and data specialists, Brett King believes.

This financial expert is also sure in the following postulates. The blockchain is in the core of future bank changes, and it will move forward the financial system, the current bank core systems in few years will lose to the blockchain tech. Partnerships between banks and fintech companies would make the best scenario for developing new payment systems, while banks trying to copy existing fintech solutions are likely to fail in doing so. His speech is available online (from 0:46:50 time point, he starts talking on the blockchain future).

Meanwhile, the CEO of Ripple believes that the newness of the blockchain had made the space overloaded with big statements about project which in reality are merely experiments. Brad Garlinghouse tells: “Blockchain is like the new big data or AI (artificial intelligence) — too many people are… not focused solving a real problem”.

The statement was made on Quora Q&A with the Web users. He called people too hyped about the technology “blockchain tourists” who constantly say a “buzzword” instead of fully understanding what the technology is about.