At California’s 27th Annual Milken Institute Global Conference, Jenny Johnson, the CEO of Franklin Templeton, a $1.6 trillion asset under management powerhouse, told Bloomberg’s David Westland that she was heavily in support of blockchain technology. She explained the efficiency of tokenization and gave insights into an experiment conducted by her company. Franklin Templeton pitted legacy methods of account processing against those powered by blockchain over six to eight months. The latter proved vastly less costly, pointing toward its efficiency and potential to revolutionize practices related to investments.

Johnson, for example, is someone who sees a day when the blockchain can standardize the ETFs and mutual fund management space, since it has the potential to cut huge percentages of costs associated with data verification on multiple systems. In this, the promise of huge savings of finances and time opens up new doors for different kinds of investment. For example, even pop sensation Rihanna has got into NFTs, which are powered by smart contracts to distribute royalties for songs, showing how blockchain can be transformative for the financial industry.

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