Opinion: Wall Street's fear of blockchain stems from its threat to existing profit models

Franklin Templeton CEO Jenny Johnson said at the ProofofTalk Summit in Paris that Wall Street's fear of blockchain stems from its threat to existing profit models. She said that the technology threatens a large number of existing business models in traditional finance, and if there is hesitation, it is because the business model is threatened. Jenny Johnson said that if blockchain can achieve instant settlement through smart contracts, large banks will no longer be able to act as third-party intermediaries to collect transaction fees. She cited Benji, the company's tokenized money market fund running on the Stellar blockchain, as an example. The old system processed 50,000 transactions at approximately $1.30 per transaction, compared with approximately $1.13 per transaction when running on Stellar.