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UBS CEO Says Blockchain Almost A Must For Business

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UBS Group AG Chief Executive Officer Sergio Ermotti said blockchain technology is almost a must for business.

In an interview with CNBC, the head of the Swiss banking giant said he believes the technology is definitely an opportunity in the long term.

Ermotti, who has expressed his dislike for bitcoin earlier calling it a speculative bubble, said that blockchain, the technology behind bitcoin and other cryptocurrencies, can help companies become more efficient, and thus reducing costs for certain operations.

According to him, the technology will help companies free up resources, and blockchain in particular is a great way to increase those efficiencies.

At present, UBS and IBM Blockchain, along with other banks, are developing a blockchain-based global trade finance platform, called Batavia. In April, the platform had successfully conducted its first live cross-border transactions involving corporate clients.

Blockchain technology, a decentralized and encrypted ledger that offers a secure and efficient way to store records, is being accepted fast by main stream industries. The supports expect the technology to change the world one day just as internet. Meanwhile, some others, like geopolitical analyst George Friedman think the technology will be obsolete at some point.

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