CEO of Franklin Templeton Suggests Blockchain Technology Could Lead to Significant Cost Reductions in Tokenization

Don’t miss out on this article from Franklin Templeton CEO Jenny Johnson, who spoke at the 27th Annual Milken Institute Global Conference in California. Johnson praised blockchain for its efficiency and cost reduction in asset tokenization and shared insights on the benefits of generative AI.

According to Johnson, the company conducted a parallel experiment for six to eight months, processing account records using both traditional and blockchain methods. The findings revealed that blockchain was more cost-effective and yielded fewer errors.

Johnson expressed her belief that ETFs and mutual funds could eventually shift to blockchain technology, resulting in significant cost savings by eliminating data verification across various systems on the blockchain.

Franklin Templeton is known for its Franklin OnChain US Government Money Fund (FOBXX), represented by the BENJI token with a market capitalization of $368 million as of May 12, according to Dune Analytics.

In addition to discussing tokenization, Johnson highlighted the role of generative artificial intelligence (AI) in assisting asset managers in meeting customer needs. She emphasized that data is the “next oil,” with large asset managers having an advantage in the AI race due to their vast proprietary data.

Johnson mentioned that Franklin Templeton has implemented an AI bot in their help desk, capable of handling 60% of queries. She sees the potential in leveraging various AI models for highly personalized investment strategies in the future.

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