Blockchain Will Replace Existing Technology

JP Morgan CIO Lori Beer mentioned at a push conference in Buenos Aires that blockchain will “replace present technology” in a handful of several years, in accordance to Argentinian site Cripto247 August 23.

“We will see a greater and broader use of blockchain […] In a handful of several years blockchain will swap the present technology, nowadays it only coexists with the latest one particular,” Beer mentioned.

Beer explained to Cripto247 that JP Morgan works by using blockchain technology to “simplify the payment procedure and to retailer customers’ data related to KYC (Know Your Consumer) plan.” She additional that blockchain technology aids to protect against cash laundering. Beer more explained the use of blockchain technology by the bank:

“We are presently following numerous paths. We invented a blockchain with an open code centered on Ethereum. Genuine blockchain technology has not nonetheless solved concerns with privateness and scalability that we required. We are linked to Hyperledger and Organization Ethereum Alliance. The application of this technology in business is far more crucial to us than the technology alone. We are seeking not only for value reduction, but also for possibilities to acquire new goods.”

Beer was also requested about JP Morgan’s place on obtaining cryptocurrencies. She explained that the bank only supports what is controlled and has professionals who are “evaluating what is happening” with digital currencies. When requested about the institutional place regarding Original Coin Offerings (ICOs), Beer most well-liked not to react.

Before in August, Cointelegraph claimed that JP Morgan Chase’s CEO Jamie Dimon was optimistic about blockchain. “[JPMorgan] is tests [blockchain] and will use it for a total lot of matters,” he mentioned.

In May possibly, JP Morgan Chase filed a patent for a blockchain run peer-to-peer payments network that could be applied for intra- and inter-bank settlements. The patent application proposes employing a dispersed ledger to procedure payments in authentic-time, without having getting to rely on a trustworthy 3rd social gathering to maintain the legitimate “golden copy” of the audit path.

 

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