Standard Chartered Innovation Chief Bullish on Bitcoin for Financial Institutions

tandard Chartered Chief Innovation Officer Anju Patwardhan is the latest senior banker to praise the potential of the blockchain technology behind Bitcoin as a way to cut costs and improve transparency for financial transactions, Finextra reports.

Standard Chartered is a British multinational banking and financial services company headquartered in London. It operates a network of more than 1,700 branches and outlets (including subsidiaries, associates and joint ventures) across more than 70 countries and employs around 87,000 people.

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Patwardhan has 25 years of banking experience, with Standard Chartered and Citibank, in regional and global roles in Credit Risk and Operational Risk Management. She is an IBF distinguished fellow, the highest banking accolade in Singapore, and a fellow of Singapore Management.

Finextra notes that Citi, UBS and Barclays all have recently confirmed that they are exploring the blockchain, while a BNP Paribas analyst speculated that the distributed ledger has the potential to completely upend post-trade infrastructure.

Writing on Linkedin, Patwardhan proposes that Bitcoin could be a disruptive force for good. The financial services industry is being disrupted and digitally re-imagined, and some of the disruptors, who are working to revolutionize current business models from the ground up, could become mainstream.

“Bitcoin has been viewed uneasily as an exotic alternative currency,” notes Patwardhan. “But the banking industry is starting to see the many potential benefits of its underlying technology. For banks, the blockchain has the potential to become a technology model for a low-cost and transparent transaction infrastructure.”

Patwardhan is persuaded that the technology of Bitcoin could permit drastically reducing the price of financial services to the benefit of consumers, and be adopted to make financial transactions more secure and traceable for banks and regulators.

Of course, Standard Chartered

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