Former JP Morgan Chase VP Says Blockchain can Prevent Economic Meltdown in the Future
Former VP Of J.P. Morgan Chase Says Blockchain Is Essential To Prevent Future Global Financial Crises
Pang Huadong, former Vice President of J.P. Morgan Chase, an American multinational investment bank and financial services provider believes that blockchain technology “may be the key to avoiding the next global financial crisis”. This bold statement was made out of experience, as Huadong claims to have witnessed the downfall of the firm during the 2008 financial crisis.
In particular, Huadong was surprised to see the large sums of money that the investment firm was losing on a daily basis sharing that “13 people managed the [bank’s] $40+ billion [assets], when the 2018 financial crisis was at its worst, [the] average daily loss was $300 million.” The exponential decrease is what induced Huadong to conclude that “blockchain technology may be the key to avoiding the next global financial crisis.”
Well aware of blockchain technology’s current infancy stance, he believes that it has the ability to develop into something more and sees it as “limitless”. Furthermore, Huadong views the technology as effective in reducing the probability of financial risks, while being able to “establish trust mechanisms at the lowest cost”.
While China was not always siding with blockchain and cryptocurrencies, President Xi Jinping supposedly applauded the technology along with several officials among several industries.
According to Coin Telegraph’s reporting, last week, China’s newspaper shared that the country’s Ministry of Science and Technology strongly believes in the Internet of Things (IoT) and blockchain.
Clearly, China is gradually introducing itself to the blockchain technology and assessing how it can benefit society. This change only proves that the technology at hand will eventually be adopted by the mass population! What are your takes on this matter? Do you share similar views to that of Pang Huadong?