Chainlink SmartCon Viewpoint: UBS Digital Assets VP says 50,000 blockchain network transactions cost only $120, far lower than traditional financial systems

Odaily Odaily News At the Chainlink 2024 Hong Kong SmartCon conference with the theme of "Integration of Blockchain and Traditional Finance", a number of traditional financial institutions that actively explore the deep integration of digital assets and on-chain finance expressed many insights at the SmartCon event. Among them, Andrew Crawford, vice chairman of UBS Digital Assets, said at the "Future of Asset Management" roundtable forum that the important market force driving asset managers to adopt fund tokenization products comes from the huge changes in the cryptocurrency field since this year. At the same time, as the popularity of blockchain networks increases, their cost efficiency, transparency and interoperability are gradually recognized and discovered by more people. We have also done a comparative experiment before. The cost of conducting 50,000 transactions in a traditional trading system is about US$50,000; while the cost of conducting the same number of transactions on the Solana network is only about US$120. The cost savings are undoubtedly huge, and the efficiency is significantly improved because there is no need to check multiple ledgers, no remedial measures are required, and the information is obtained synchronously.