Bank of America and Wells Fargo Less Thrilled about Potential of Blockchain in Financial Services

Speaking at a conference on Wednesday, Wells Fargo CEO Tim Sloan stated, “Personally I think blockchain has been way oversold…By now, that should have completely changed the industry. And that’s just not the way it is.” Cathy Bessant, Bank of America’s Chief Operations and Technology Officer offered a similar sentiment believing that the hype associated with blockchain outstrips reality; both banks are participants in the blockchain consortium R3 and have both been exploring projects of their own. Source