Sergio Ermotti, CEO of Swiss lender UBS, praised blockchain technology, stating that the company has partnered with IBM to start international trade transactions using blockchain.
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“I believe there is a future for blockchain technology, and [that] technology will play a big role in changing and reshaping our industry,” said Ermotti.
Regarding cryptocurrencies, Ermotti articulated uncertainty, asserting that they still need “to be defined.”
UBS and IBM have begun a new project titled “Batavia” which utilizes the open-souce Hyperledger Fabric structure.
IBM declared earlier this month that Bank of Montreal, CaixaBank, Commerzbank, and Erste Group had all also united under Batavia.