Blockchain, Artificial Intelligence Not Ready For Primetime, Financial Leaders Told

Bank of America Chief Operations and Technology Officer Cathy Bessant lent her voice to a drum beat in Washington last week, saying that blockchain and AI have years to go before they have significant benefits for consumers and investors. Blockchain and artificial intelligence aren't ready for primetime, financial leaders were told in Washington last week. At conferences for SIFMA, the securities industry trade group, and the Commodity Futures Trading Commission, speakers were pretty much in agreement that fintech's promises will take years to become everyday realities. "[Blockchain/distributed ledger technology] is not as impactful as the hype," asserted Bank of America Chief Operations and Technology Officer Cathy Bessant at the SIFMA annual conference. She pointed to DLT as a promising technology waiting for proven benefits for consumers, businesses and regulators to cash in.