Tolga Ulutaş, Deputy General Manager of Akbank Direkt, touched on blockchain technology at a press conference on Akbank LAB’s work. Referring to the system change in international money transfers, Ulutaş underlined that the world has entered a period where the world is rapidly adapting to emerging technologies.
Underlining that Akbank is the first Turkish bank to negotiate with Ripple, which reduces transparency and transaction speed and reduces costs by using the latest technology in global money transfers, he said:
“Being the first in Turkey, money transfer with blockchain technology is one of the most important examples of our successful innovation implemented in partnership with Silicon Valley-based company Ripple. In 2018, we will use Ripple technology in the transactions of our corporate and individual customers. We are exploring various opportunities to collaborate in the new period, and we are in contact with financial technology companies from USA and other prominent countries around the world. ”
Ulutaş explained that Blockchain technology is accessible to everyone through an open network with high security and without intermediaries, and that the records are in an irreversible database.
“If Bitcoin is an ear, then Blockchain is the horn that’s growing past it“
Answering a journalist’s question about Bitcoin with above statement, Ulutaş explained that Bitcoin was causing confusion in people’s minds. Ulutaş continued his words: “In fact, those who designed Bitcoin designed it for money transfer. If you want to use Bitcoin for money transfer, it is very insignificant for you if 1 Bitcoin is worth 1 TL or 1 million TL. But if you buy it like an investment tool and sit on it; that is something else. The current situation resulted from confusion. After that, many cryptocurrencies appeared.”
“I think Bitcoin is a kind of atari. A platform that introduced a new concept. There is no arcade right now; so many things have been developed on it. Bitcoin itself is not important, Blockchain is important. Blockchain is something that will provide incredible savings and speed in the way many businesses around the world do business. If Bitcoin is an ear, then Blockchain is the horn that’s growing past it. Bitcoin does not mean anything compared to the significance of the blockchain. Blockchain is like the invention of internet and computer. Bitcoin is like a game application made on it. The sectors that stand out in the use of blockchain are banking, insurance, retail, health, production and energy.”