Industry experts speaking at a cryptocurrency technology conference indicated that financial institutions wanting to adopt cryptocurrency technology such as blockchains must replace their current IT infrastructure. Jeremy Drain, who works for a cryptocurrency software company called Libra, gave a speech at the recent ScotChain18 conference in Edinburgh, which was focused on how blockchain technology could affect commerce. Drain said that there are some companies that are just assuming that their existing IT infrastructure is sufficient for adopting cryptocurrency technology. But Drain insists that many of their systems are incompatible with the technology. The conference also featured other speakers, who brought up other issues related to cryptocurrency technology. Two of these speakers — Apolline Blandin of the Cambridge Centre for Alternative Finance and Kent McKenzie, who is Deloitte’s Risk Advisory Leader for Fintech and RegTech — said that blockchain technology poses regulatory challenges for governments. They also said that the industry needs to be standardized. Casey Kuhlman, who is the CEO of a smart contract provider called Monax, also spoke at the conference, and he said that blockchain software at the moment is immature and organizations are challenged by the fact that very different technology is required for different solutions. Michael Young, who is the CEO of recruitment for MBN Solutions, echoed Drain's warning in his speech to the conference. He said that organizations that have achieved success in the blockchain industry have done so because they had the proper IT infrastructure for the technology. He went on to say that while creating this infrastructure is not that difficult for a startup, it could be very difficult for a large corporation. He believes such corporations will have to completely rethink technology. Late last month, Japanese IT giant Fujitsu announced that it was planning on building an interbank settlement platform based on blockchain technology, in coordination with 9 Japanese banks. The platform will use a yet unnamed digital currency for settlements. In June, the Moscow Exchange announced that it was developing IT infrastructure so that companies could conduct initial coin offerings (ICOs) at the exchange. The system is expected to launch this year.
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