Although Bank of America has filed for the most blockchain-related patents, 82 specifically, the bank's Technology and Operations Chief Cathy Bessant doesn't have the same faith in the decentralized ledger, according to CNBC.
"What I am is open-minded," Ms. Bessant said in an interview. "In my private scoreboard, in the closet, I am bearish."
Ms. Bessant's thoughts go against the sentiments expressed by those who say blockchain someday will be as significant as the internet.
Others, such as economist Nouriel Roubini, agree with the technology chief, calling blockchain "the most overhyped" technology in history.
"I haven't seen one [use case] that even scales beyond an individual or small set of transactions," Ms. Bessant told CNBC. "All of the big tech companies will come and say 'blockchain, blockchain, blockchain.' I say, 'Show me the use case. You bring me the use case, and I'll try it.'"
The technology chief, however, said she is rooting for blockchain to work.
"Spiritually, I want to make us better, faster, cheaper, more transparent, more, you know, all of those things," she said.
Along with the 82 blockchain-related patents, Bank of America has recruited 95,000 technology workers, some of whom came from blockchain developers IBM and Oracle. Ms. Bessant said these initiatives are to be prepared if blockchain becomes more dominant.
"Basically, we want to be ready," Ms. Bessant told CNBC. "We want to reserve our place in the [intellectual property] chain for, or if, blockchain fulfills what some people believe its potential is."