Fidelity gives out clues on Blockchain product development. Hailed to be one of the giants in the industry of asset management, Fidelity is now very keen on introducing blockchain products in its product portfolio in the upcoming few months. It has come up with information on the tests conducted in order to launch these products. However, the tests are believed to be conducted in a manner that is not open to everyone.
This move of fidelity has turned out to draw a huge amount of interest and buzz around the blockchain products among various stakeholders of the business.
Fidelity gives out clues on Blockchain product development. A senior employee from the working group of the firm, Katie Chase said that their operations were looking at various options where blockchain can cause a very significant impact. For instance industries like supply chain and tokenizing of physical art-items.
Fidelity is a prolific in the industry by associating with cryptocurrency and probable crypto product-lines. But however, when introducing blockchain product of its own, the firm was not much enthusiastic around it.
Katie Chase further went on to say “Blockchain is still very nascent. All of the stuff you are reading about, if you dig under the covers is still in the proof of concept stage. We tried to apply blockchain to some use cases where we learned a lot but the technology isn’t mature enough to solve these problems.” This is in accordance with what Fidelity CEO Abigail Johnson had said.
If the deals work out, Blockchain would be soon receiving huge investments under the firm’s yearly investments of approximately $2.5Billion on technology and innovation. This can cause a huge impact on the market capitalization of most of the crypto startups.