Bank of America's tech chief Cathy Bessant is wading into the public debate about the blockchain, whose proponents have claimed will be as significant as the internet.
For half a decade, Bank of America has quietly been preparing for a future in which the world of finance migrates to the blockchain.
Bessant, 58, is wading into the public debate about the blockchain, whose proponents have claimed will be as significant as the internet. A blockchain is essentially an encrypted database that runs on multiple computers, potentially cutting out the need for centralized authorities like banks or governments to settle transactions between parties.
But Bessant, who oversees 95,000 technology workers and was named the most powerful woman in banking last year, is a pragmatist. She started out at Bank of America in 1982 as a commercial banker, eventually rising to a series of top roles including head of corporate banking and chief marketing officer. She has run the bank's global technology and operations division since 2010.
The bank has applied for or received 82 blockchain-related patents, more than any other financial firm, including payment companies MasterCard and PayPal, according to intellectual property law firm EnvisionIP. By comparison, J.P. Morgan has 6 patent applications.
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