Blockchain technology has been talked about in banking for so long that readers here can be excused for being a bit jaded on the subject.

The technology has been touted as solving just about every problem bankers face, but as Adam Ludwin, CEO of Chain, told us in San Francisco at Bank Innovation 2018 earlier this year, it’s really just a database.

But with the ever-growing importance of customer data in shaping the banking experience, databases, especially databases with the promised capabilities of blockchain (immutable, transparent, secure), databases are important things.

Ludwin discussed how blockchain technology is actually being used today in banking, including the work done by his company Chain with Visa, among other major players. He also mentioned that banks are working not only with private, simpler distributed ledgers, shared between known parties, some banks are looking at using public blockchains. “Some of [the banks] are dipping their toe into these public networks, which I personally think is really the exciting and most important part of the future,” Ludwin said.

In another context, Ludwin pegged the number of ‘valuable ICOs’ — projects taking on a significant problem in a meaningful way, with tokens playing an integral role — at just 5%.

This video is sponsored by White Clarke Group.

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