The Depository Trust & Clearing Corporation (DTCC) has presented a new survey called “Systemic Risk Barometer,” according to which, fintech is being seen as a source of systemic risk and industry must ensure that the implementation of fintech technologies like blockchain doesn't “jeopardize the safety and security of the current global financial marketplace.”
“But as the industry continues to adopt fintech innovations, like blockchain, AI and cloud solutions, we must ensure that those innovations do not jeopardize the safety and security of the current global financial marketplace,” wrote in the survey Stephen Scharf, DTCC Managing Director and Chief Security Officer.
However, the survey doesn’t explain what kind of risk the blockchain may cause to the financial market.
Previously, the European Parliament urged to accelerate the adoption of the blockchain technology in the field of trade, as well as business.
One way or another, DTCC is considered to be a strong advocate of blockchain’s potential to transform financial services and has been advancing the development and the applicability of DLT through a number of initiatives.
It should be pointed out that DTCC is also one of the founding members of the Hyperledger Project, a consortium promoting open source development to advance DLT, and the Enterprise Ethereum Alliance (EEA). Earlier, Bahrain Minister of Electricity and Water Affairs, Dr. Abdulhussain Mirza, urged local companies to take advantage of the blockchain. Mirza claimed the distributed ledger technology has become an important achievement. He expressed confidence that blockchain tech is one of the most reliable ways to carry out transactions.
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