Banks looking forward to applying blockchain technology
CIO of JP Morgen Mr. Lori Beer mentioned at a conference that blockchain would potential replace meaningful technologies. This is something that could happen in a few short years, according to a report on the Argentinian website Cripto247 August 23.
“I think we will see a greater, wider use of blockchain, in a few years. Blockchain will replace a lot of existing technologies, even though today it still exists with current technology said, Mr. Beer.”
Beer said to Cripto247 that JP Morgen Chase is using the blockchain technology in order to simplify daily payment processes and in order to store customer information related to KYC (Know Your Customer) policies. Lori also mentioned that blockchain will help to stop or prevent the laundering of money in many in general. The banks are using blockchain technology in their own ways.
“We are currently following many paths. We invested a blockchain with an open code based on the Ethereum blockchain protocol. The blockchain technology has not yet resolved the problem with privacy and scalability that is still needed. We are connected to Hyperledger and Enterprise Ethereum Alliance. The application of this technology is businesses is more important to us than the technology itself. We are looking for cost reduction as well as opportunities to develop new products.”
JP Morgen has plans for blockchain
Lori was also asked about JP Morgan’s position on buying and holding cryptocurrencies. She said the Banks are focused on applications and supporting technologies that are regulated with specialist one the developments. Lori was asked about the application of an ICO, but she gave no comments.
JP Morgen Chase CEO Jamie Dimon reported in August to Cointelegraph that he was very optimistic about the blockchain. JP morgen has been testing and proving the blockchain and plans to use its applications for a lot of activities.
Chase filed a patent in May that allowed peer-to-peer blockchain based payments in a network for intra and inter-banking settlements. The patent proposed the use of the distributed ledger to process payments in real-time, without relying on third parties hold the original copy of the audits.
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