Gregory J. Nowak, a partner with Pepper Hamilton and a practice leader for hedge funds in the firm’s Funds Services Practice Group, and Todd R. Kornfeld, of counsel in the Financial Services Practice Group, were quoted in the August 16, 2016 Banking Exchange article, "Blockchain Beckons, Mostly for Wholesale."
As attorney Gregory Nowak explains in an interview with Banking Exchange, blockchain could confirm the chain of title in transactions; allow for instantaneous confirmation of transactions; eliminate float, bypassing any central entity such as the Federal Reserve; and eliminate the large and costly back-office infrastructure banks now require to process transactions.
"This is why banks are really interested in blockchain—to have the ability to verify ownership and to transfer ownership, and do so without massive amounts of people in the back office." says Nowak, partner, Pepper Hamilton LLP’s Blockchain Technology Practice.
Todd Kornfeld, of counsel at Pepper Hamilton, in its Financial Services Practice Group, says in the joint Banking Exchange interview that "it's fair to say the idea that normal retail banking, or even normal commercial banking, on a blockchain—while it’s a nice idea and an interesting idea—involves so many different issues and questions and concerns that I don’t realistically think that it’s going to have any widespread use for quite a while."
Adds Kornfeld: "'Quite a while' might mean never."