Blockchain is a “very interesting technology” but “isn’t really at its core, for us, a good technology,” said Alfred Kelly, the CEO of credit card company Visa. At least not right now.
To Kelly’s thinking, blockchain is designed to handle low-volume, high-value transactions, which is why it will never be able to perform Visa’s capacity of 65,000 transactions a second, he said, according to the Boston Business Journal.
This blockchain skepticism puts Visa at odds with its competitor MasterCard, which is getting more heavily into blockchain technology by the day. Still, Kelly told local executives at a Boston College Chief Executives Club luncheon Thursday, he considers Visa to be a “technology company.”
What about cryptocurrencies? Again, he’s skeptical. “We’re going to keep an eye on it,” Kelly said. “I think cryptocurrencies are a commodity, not a payment vehicle, at least right now, and I think they’re a speculative commodity.” That way of thinking puts him more in line with Warren Buffett. Read more here.