JP Morgan CIO Claims Blockchain Will Replace Existing Technology

JP Morgan CIO Claims Blockchain Will Replace Existing Technology

Lori Beer CIO of well-known company JPMorgan Chase & Co during a press conference in Buenos Aires stated that “all the existing technology will be replaced by blockchain” in the next few years. The news about the same was published by Cripto247 an Argentinian website on 23rd August 2018.

During the press meet, Beer also said that “a wider and greater usage of blockchain is expected in the coming years. Blockchain, today coexist with the current one but in the next few years, existing technology will be replaced by the blockchain technology.”

In an interview with Argentinian website “Cripto247,” Beer told that the blockchain technology is used by JP Morgan in order to simplify the procedure of payment along with saving all the information of the customers such as information related to KYC (Know Your Customer) policy. She further added with blockchain technology criminal activities related to money laundering have been prevented.

Lori Beer also explained the use of blockchain technology in the banking sector. She said that presently many paths are being followed by us. The blockchain has been invented with an open code developed on Ethereum. Although the problems related to scalability and privacy has not been solved by the original technology of blockchain. Today we are well linked with Enterprise Ethereum Alliance and Hyperledger. Also more than the technology, its application in the business for profits and reliability is more important for their business venture. She further added that they are not only emphasizing on cost-reduction but also looking for new opportunities for the new products to develop.

When she was asked about the company’s position regarding buying the cryptocurrencies, she said that the bank supports only those who are specialists and are well aware of calculating what is happening with the help of virtual currencies. Beer also does not respond when she was asked about the Initial coin offering (ICOs) institutional rank.

Cointelegraph earlier in August reported that Jamie Dimon CEO of JP Morgan was optimistic about the blockchain technology. Dimon also mentioned that JP Morgan is currently testing the blockchain technology in order to be used for a whole lot of things.

In May 2018, a patent has been filed by the JP Morgan Chase regarding the peer-to-peer payments network powered by blockchain that could be used for making inter and intra-bank settlements. In addition to this, for processing the payments in real time, a distributed ledger will be used in proposing the patent. With the help of the blockchain technology, one needs not to trust any third party for their payments and to keep the original copy of the audit sequence.