The advent of blockchain technology in banking is allowing for institutional adoption through practical modernization, according to Carolyn Weinberg, chief product and innovation officer at BNY. It’s allowing traditional scale systems to work in concert with blockchain systems, resulting in programmable networks and modern market settlement.
Transcription:
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Paul Vigna (00:11):
Hello, I’m Paul Vigna, managing editor at American Banker. We are at the On-Chain Executive Summit here in Midtown Manhattan. I am joined now with Carolyn Weinberg, who is the Chief Product and Innovation Officer at BNY. Carolyn, how are you?
Carolyn Weinberg (00:24):
I’m great. How are you?
Paul Vigna (00:26):
I’m good. So what are you most bullish about when you think about the evolution of on – chain finance and the digital asset economy?
Carolyn Weinberg (00:35):
So what’s really exciting is this increase in institutional adoption through what we call practical modernization. It’s about traditional scale systems working in concert with new blockchain systems and really enabling, empowering that future of market settlement and all of the great things that come with programmable networks.
Paul Vigna (00:56):
When you think about what that is all going to mean in the next say two or three years, is there one big obstacle or stumbling block that you could see cropping up that you’re aware of?
Carolyn Weinberg (01:08):
I think it’s a mentality and a culture of re-imagining the systems that we have. It’s critical to actually embrace what we have that works really well with trust at scale and really think through all of the processes that we use today and enabling blockchain to work in concert with these systems. I think the biggest impediment is when people think about everything as whole hog new, not actually continued improvement and evolution of what we have today, assessing what works and what should be that future state.
Paul Vigna (01:39):
All right. And then so I’m going to ask you to make one prediction about the future, not obviously. I know predictions are hard, but one prediction that you see coming down the road.
Carolyn Weinberg (01:50):
I see programmable money, programmable settlement, transacting, and all of the elements that come with the combination of digital from a blockchain perspective, programmable with AI and that enablement for programmable settlement and cashflows is really what I think is the future.
Paul Vigna (02:09):
All right. Thank you. Thanks a lot.
Carolyn Weinberg (02:11):
Thank you.
