for data exchange and process automation without necessitating a complete system overhaul .
Kurt Wuckert notes that middleware solutions can serve as intermediaries , bridging the gap between new blockchain applications and traditional IT frameworks . However , seamless integration demands thorough testing , employee training and an openness to adopting new workflows . This phased approach ensures that banks can modernise their operations while maintaining stability and compliance .
Can you describe any pilot projects or use cases within a bank that highlight the successful application of blockchain technology ? Nick Jones highlights the significant impact of blockchain technology in the sustainability sector : “ Our recent research with the Crypto Carbon Ratings Institute ( CCRI ) revealed that , as of March 2024 , the annualised carbon footprint of all physically-backed Bitcoin fund products stood at 4487.93 kilotonnes of carbon dioxide ( ktCO2 ).
“ The annualised carbon footprint of the US Exchange-Traded Fund ( ETF ) cohort that went live in January 2024 , following approval by the US Securities and Exchange Commission ( SEC ), was 2056.86 ktCO2 . This new cohort captured nearly half ( 45.8 %) of the market share for physically-backed Bitcoin funds within just a few months .”
With the acceptance of crypto fund products by the London Stock Exchange ( LSE ) and the Hong Kong Securities and Futures Commission ( SFC ), Jones anticipates rapid growth in this sector .