Blockchain helps to reduce costs and is a necessary technology for the business. This was stated by the CEO of Swiss financial holding UBS Sergio Ermotti in an interview with CNBC.

According to the financier, the technology of the distributed registry enables companies to more efficiently carry out their operations. He is convinced that in the next 5-10 years, the blockchain will become an extremely important technology that will significantly transform the financial sector.

“Our industry is still under pressure, in terms of gross profit. The only way to remain competitive is not to be strong through capital, products, personnel and advice given to its customers. You are required to properly evaluate all this,” said Sergio Ermotti.

Despite the optimistic forecasts about the blockchain, the CEO of UBS questioned the significance of the cryptocurrency. So, in October last year, he said that bitcoin is a speculative bubble.

Then the top Manager of the UBS mark Hafele said that the Swiss financial holding company will not invest in bitcoin because of the lack of state control over the circulation of cryptocurrency.

Earlier in may, the head of the Federal office of financial supervision of Germany (BaFin) Felix Hufeld called blockchain technology “revolutionary.”