Blockchain technology could represent a risk to the economy
A survey conducted by the DTCC ensured that the new financial trends may not be all good
The United States Depositary and Compensation Trust Corporation (DTCC) determined through a survey that technology within the economy could “represent a systemic risk.”
In this regard, DTCC Managing Director and Security Director Stephen Scharf indicated that this concern “demonstrates greater awareness of potential risk and highlights the need to assess both the risks and the rewards associated with financial technology initiatives.”
Likewise, he explained that “as the industry continues to adopt fintech innovations, such as blockchain, AI and cloud solutions, we must ensure that these innovations do not endanger the security of the current global financial market.”
About 20% of respondents determined that financial technology is part of the risks of the global economic system by 2019.
Despite this, cyber risk remained the number one threat for the financial industry, with 37% of respondents considering it the most important risk and 69% ranking it among the five main risks.
K. Tovar
Source: Dtcc
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