Depository Trust and Clearing Corporation or in short DTCC has conducted an annual Fintech symposium for the year 2019, and the main topic that was discussed in the symposium was future of cryptocurrency. While the other latest technologies like IoT and artificial intelligence are also discussed in the symposium, the main discussion was centered around cryptocurrency only.
DTCC is planning to either launch a blockchain platform or DLT platform to store the transactions information. They have also released a paper addressing the security issues of blockchain.
Michael Bodson, CEO of DTCC has stated that the power of this DLT is undeniable, but the one thing that bothers him is will anyone be able to use its fullest potential in the financial services or not. He further added that he has complete trust in the technology, but it will take a lot of patience, time and hard work to incorporate this DLT technology into the finance industry.
A panel of members from Fidelity, Bakkt and Northern Trust discussed the future of cryptocurrency and gave some interesting insights too. Bakkt is building an infrastructure for cryptocurrency trading this year. It will first start with custody services, then crypto futures and then payments.
The company is taking it slow so that they can offer perfect services for its consumers. Kelly Loeffler, CEO of Bakkt has also stated that they are partnering with the coffee giant Starbucks for a nascent project. This program will help businesses to accept the payment in the form of cryptocurrency for the goods or services that they offered. They will work with a trusted provider and will have complete assurance. This way the retailers will reap the benefits of crypto assets without exposing themselves to any risks.
Apart from this the panel members also discussed threats in the industry and possible ways to tackle them.