Joined by John Piazza of MB Financial, Cadence CEO Nelson Chu headlined a panel discussion at the Future of Digital Finance conference on February 12 in Jacksonville, Florida. The discussion focused on blockchain adoption amongst financial institutions. This well-attended event hosted several leading banks based in the United States. In front of this savvy crowd, the two spoke pointedly on improving the customer experience and reducing operating costs using blockchain technology.
In exploring these initiatives, discussions highlighted top priorities for financial institutions. These priorities have tended to focus on protecting customer data while increasing network efficiency. Due to the public nature of distributed ledger technology, banks and enterprises typically require permissioned networks that better protect sensitive financial information. Another critical consideration is transaction speed, which continues to present challenges to blockchain scalability.
Both Nelson and John highlighted that blockchain is a relatively new technology, requiring a pragmatic approach to achieve further development and adoption. In pursuing this adoption, several iterations of the technology are likely necessary before broad adoption can be reached.
Cadence is currently working to further the blockchain movement by developing private market infrastructure that supports digital assets. The company hopes to provide a streamlined private market experience by leveraging blockchain technology.