Franklin Templeton CEO Jenny Johnson has a straightforward explanation for why major financial institutions have been slow to embrace public blockchains: the technology destroys their fee-based revenue streams.

Speaking at the Proof of Talk summit in Paris, Johnson — who oversees $1.74 trillion in assets at Franklin Templeton — told a panel audience that the resistance from traditional financial players is not about technology skepticism.

It is about protecting the business model. Banks and intermediaries that collect transaction fees at every step of the settlement process stand to lose that income the moment a smart contract can handle the same function at a fraction of the cost.

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