The head of UBS Group: Blockchain is almost mandatory technology for business

June 19

​​​​​​​Sergio Ermotti is critical of bitcoin but he considers blockchain to be a good way to improve the efficiency of business processes.

The use of blockchain, according to the chairman of the board of directors of the Swiss financial giant UBS Group Sergio Ermotti, will release financial resources and reduce operating costs.

«It [the use of blockchain-technologies] is almost a must. The freeing up of resources to become more efficient will come through technology and blockchain is a great way to allow us to reduce costs», − he said in an interview with CNBC TV-channel.

The transformations in the industry «will not happen tomorrow», the head of UBS Group added. In his opinion, it will take from five to ten years.

Sergio Ermotti said that way about the blockchain technologies not in the first time, CoinDesk reminds. At the same time he considers cryptocurrencies with some doubt. In October Sergio Ermotti stated that he had been «far more bullish on blockchain than he was about cryptocurrencies specifically». But the head of UBS Group can’t be a «fan of bitcoin», CNBC notes.

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