JP Morgan Chase Is Acknowledging Blockchain Innovation As Main Focus For Banks
JP Morgan Chase Believes That Blockchain Is One Of The Company’s Main Innovation Focuses
JP Morgan, the financial giant, has recently emitted an opinion on the blockchain technology and the focuses of the firm. As JP Morgan is focusing on innovation this year, the company announced that it developing an Application Programming Interface (API) and an Artificial Intelligence (AI) that will be used for trading.
This statement was made by the Chief Information Officer of JP Morgan Chase, Lori Beer. She affirmed that the company is working on ways to simplify the processing of storing customer information and KYC and AML policies that could remove the difficulties of third party involvement.
She also talked about security and informed that the company takes it very seriously and that the security of the clients is always in the first place.
JP Morgan Chase has launched its own platform based on the Ethereum blockchain in March, called Quorum. Quorum allows for the use of smart contracts to make transactions. The platform was initially built as an open source platform, which could make the ecosystem grow with the help of the community and turn into something fresh and that could deliver returns to the crypto community.
According to Lori Beer, the blockchain technology will replace the existing technology in a few years, so the company has to be prepared for this change.
JP Morgan Chase To Seek Innovation With Blockchain and AI
Beer has also affirmed that the company will continue to make its own research and to develop more technology, which will create a greater and wider use for its technology. However, the first step to make this is to discover the direct use cases for the technology.
As she commented, Lori Beer believes that the pace of adoption for the blockchain technology is accelerating fast and that the company is focused on improving the many processes related to stopping fraud and of cybersecurity.
The company has said that it will support currencies that are regulated and that they have experts monitoring the market but that the company will not invest in unregulated assets.
JP Morgan is following multiple paths as some of them did not yield results. For instance, the Ethereum-based platform was not as good as the company hoped to help with privacy and scalability.
The company is now connected to the Enterprise Ethereum Alliance and Hyperledger and it believes that this technology can reduce costs and increase the opportunities for developing new products and using new strategies.