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Experts: Finance Firms Need to Replace IT Infrastructure to Adopt Blockchain and Crypto

November 09, 2018 / Ana Alexandre

Industry experts say that financial institutions will have to replace their existing internal IT infrastructure for greater adoption of blockchain and digital currencies, Scotland’s national news outlet the Scotsman reported Nov. 9. Delivering a speech at the ScotChain18 conference in Edinburgh devoted to blockchain technology impact on commerce, Jeremy Drain of cryptocurrency-focused software company Libra reportedly stated that “there’s an assumption by some companies that their current infrastructure will accept crypto and blockchain.” Drain further explained that those firms’ data is too different, so their systems are unable to work with blockchain and crypto. Other participants like Deloitte’s Risk Advisory Leader for Fintech and RegTech Kent McKenzie and Apolline Blandin of the Cambridge Centre for Alternative Finance, addressed regulation challenges blockchain poses for governments and the need for standardization in the industry.