Standard Chartered Innovation Chief Bullish on Bitcoin for Financial Institutions

Anju Patwardhan, Chief Innovation Officer of Standard Chartered Bank, stated that Bitcoin can be used to enhance transparency and cut costs of financial transactions. He praised the potential of blockchain technology used for Bitcoin.

With more than 1700 branches spread across 70 countries, Standard Chartered is one of the biggest multinational banks of British origin. Anju Patwardhan is distinguished by IBF which is the highest banking accolade in Singapore. She has 25 years of experience with Citibank and Standard Chartered Bank, both in global and regional roles.

The blockchain is being explored by several banks, including UBS, Barclays and Citibank. According to Anju Patwardhan, Bitcoin can be used as a disruptive force for good. The whole industry of financial services is being digitally re-imagined. The disruptors trying to revolutionize all the present business models from scratch could turn mainstream. The banking industry is slowly starting to understand the perks of the blockchain technology.

Patwardhan is absolutely convinced of the idea of using the Bitcoin technology which would not only help the banks and regulators trace and secure all transactions, but will also reduce the cost of financial services for customers. All financial institutions including Standard Chartered should abide by the rules and regulations and make sure such financial technology is not used for any illegal or undesirable activities.

Bitcoin transactions are recorded on the public blockchain and is tamper proof. The transactions are not anonymous at all, contrary to all the naïve perception of people. Thus, the implementation of the blockchain finetech can be extremely useful against all undesirable activities including crime. All Bitcoin transactions are absolutely open to analysis and are also easily traceable.

Patwardhan also suggests that if things like Bitcoin and Cryptocurrencies take off, then even the central banks might start issuing digital currencies.