Fintech

Coronavirus ‘speed bump’ will slow banks’ take-up of blockchain

But R3’s David Rutter argues that market disruption will prompt banks to look for more efficient technologies

Executives leading the charge for the adoption of cutting-edge blockchain technology in the banking sector concede that the Covid-19 pandemic has thrown a spanner in their works, one they hope will be temporary.

David Rutter, chief executive of R3, a blockchain developer working for a number of big banks, said “the velocity of the work is going to be impacted by this, like almost everything else”. But he sees a silver lining in the capacity of crises to “drive the type of radical change that we’re trying to promote”.

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