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After reportedly conducting tests with blockchain, chief executives of Wells Fargo and MasterCard have concluded that the technology is overrated, producing nothing more than hype thus far.
The two CEO’s told CNBC's Andrew Ross Sorkin at the Fintech Ideas Festival on Wednesday that they believe blockchain has long term potential, but currently, its business use-case is still unclear.
“Blockchain has been way oversold,” Wells Fargo CEO Tim Sloan said on stage at the conference in San Francisco. “I think the fundamental technology is very interesting, but it’s been very slow to roll out.”
Sloan referenced a pilot the US bank did with Commonwealth Bank in Australia, using blockchain for trade transactions. He stated that blockchain “consortiums and pilots” within the bank have yet to gain any real adoption, stating that the pilot resulted in just one transaction.
“If you turned the clock back a few years ago, it should have completely changed the industry — that’s just not the way it works,” Sloan said. “Over time, I think it’ll have an impact.”
