The major bank of SBS sees some of the largest possible applications for blockchain tech as potentially good but has second thoughts on the value of cryptocurrencies. SBS Bank of New Zealand a widely used commercial banks, is watching blockchain technology and cryptocurrency to see the intrinsic value of the pair.

As of now, the consensus commonly spoke of is on its real-life applications, according to executive Shaun Drylie of SBS. The view of the two mediums, (blockchain tech & cryptocurrency) were made at an annual meeting, earlier this week, according to a report that was released on Southland Times – a popular news outlet in New Zealand.

Cryptocurrency and blockchain were two of the main topics discussed at the meeting. The potential uses of blockchain tech in the banking sphere is to help improve the rate and speed at which transactions can be made, not to mention the lowering of the costs for transfers.

Another possible use would be in the security sector of the major financial institutions. Lastly, they can be used to offer various financial services to those people without banks.

Unsurprising to most, Drylie is highly skeptical on cryptocurrencies. The entire banking system is still unsure on safety when using cryptos, they’re extremely volatile which also ads to the skepticism, they also reported. Read more from…

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