Blockchain Will Replace Existing Technology JPMorgan CIO
August 28, 2018 3:30 pm
According to the reports, Lori Beer, CIO, JPMorgan, was part of a press conference held in Buenos Aires. While speaking at the conference, she stated that blockchain technology would replace the existing technology. Lori Beer stated that JPMorgan is witnessing a greater and broader use of blockchain.
She said that JPMorgan is also using blockchain for sampling the process and for storing customer information related to KYC. She included that blockchain technology will prevent money laundering. Lori also explained how blockchain technology is useful for banks.
She further stated that her company is currently exploring multiple paths. JPMorgan has invented a blockchain with an open code based on Ethereum. According to Beer, the actual blockchain technology has not yet resolved issues with privacy and scalability. JPMorgan is connected to Hyperledger and Enterprise Ethereum Alliance. She revealed that her company is not only looking forward to cost reduction but also for opportunities for developing new products.
The CIO was asked about JPMorgan’s opinion on investing in cryptocurrencies. She stated that the bank supports the regulations and has experts who evaluate the current status of digital currencies. She declined to respond while asked about institutional interest regarding Initial Coin Offerings (ICOs).