JP Morgan CIO Talks Blockchain For Payments and Data Storage, Replacing Existing Technology
Blockchain To Replace Existing Technology States JP Morgan CIO
At a press conference in Buenos Aires, Lori Beer said that blockchain will “replace existing technology” in a few years. Lori, who in addition to being the CIO of JP Morgan has a place in the operating committee.
Notably, JP Morgan uses blockchain technology to “simplify the payment process and to store customers’ information related to KYC (Know Your Customer) policy.” She added that blockchain technology helps to prevent money laundering.
JP Morgan began its own distributed platform called Quorum last March that runs on the Ethereum Blockchain (ETH) and allows the operation of smart contracts. The expert said that they created this open source platform with the objective of “making the ecosystem grow and returning something to the [crypto] community”.
“We are currently following many paths. We invented a blockchain with an open code based on Ethereum. Actual blockchain technology has not yet resolved issues with privacy and scalability that we needed. We are connected to Hyperledger and Enterprise Ethereum Alliance. The application of this technology in business is more important to us than the technology itself. We are looking not only for cost reduction but also for opportunities to develop new products.”
Beer was also asked about JP Morgan’s position on buying cryptocurrencies. She explained that the bank only supports what is regulated and has specialists who are “evaluating what is happening” with virtual currencies. When asked about the JP Morgan's opinion about Initial Coin Offerings (ICOs), Beer did not respond.
Earlier this month BitcoinExchangeGuide had reported that JP Morgan’s CEO Jamie Dimon is pro blockchain but anti cryptocurrencies for business.