Microsoft and Chainalysis executives have highlighted the growing pressure on legacy financial systems as artificial intelligence (AI) increasingly automates transactions. Bill Borden, Microsoft's corporate vice president of worldwide financial services, emphasized that traditional systems face challenges in handling complex transaction demands, necessitating a reevaluation of their infrastructure. Speaking at an Alchemy event in New York, Borden noted the shift from automation capability to trust, questioning whether AI-driven systems can be trusted and audited effectively.
Jonathan Levin, CEO of Chainalysis, pointed to the crypto sector as a model for automated finance, where blockchain networks handle large transaction volumes through smart contracts. Both executives foresee a future where public blockchains, private networks, and traditional systems coexist, with software bridging these infrastructures. Levin anticipates that most commerce will be settled on public infrastructure within a decade, while Borden envisions a continued role for traditional financial rails.
Microsoft Warns Legacy Banks of AI-Induced Financial System Strain
Disclaimer: The content provided on Phemex News is for informational purposes only. We do not guarantee the quality, accuracy, or completeness of the information sourced from third-party articles. The content on this page does not constitute financial or investment advice. We strongly encourage you to conduct you own research and consult with a qualified financial advisor before making any investment decisions.
