• Screen shot of Mastercard CEO Ajaypal Banga on CNBC, March 29, 2019.

    Mastercard, Bank of America CEOs leery of blockchain

    While still interested the distributed ledger technology, the finance leaders called blockchain’s use case unproven

    The CEOs of Mastercard and Wells Fargo echoed skeptical comments on the utility of blockchain technology made earlier this week by Bank of America’s head of technology. Speaking to CNBC on March 28, Wells Fargo CEO Tim Sloan said that while ignoring blockchain would be a “bad idea,” the technology has been “way oversold.” Mastercard CEO Ajaypal Banga added that blockchain technology has “interesting possibilities,” but said that “the business model is not proven.”

  • Bank of America's logo (via Wiki Commons).

    Bank of America’s chief of operations and technology is bearish on blockchain

    Cathy Bessant doesn’t see the use case for distributed ledger technology, but new research predicts blockchain investment growing to $41 billion over six years

    Despite overseeing technology at the bank with more blockchain patents than any other, Bank of America’s Chief Operations and Technology Officer Cathy Bessant is “bearish” on the technology, she told CNBC on March 26.