JPMorgan’s Focus On Blockchain Technology Is Part of Its Digital Transformation Roadmap

JPMorgan’s Focus On Blockchain Technology Is Part of Its Digital Transformation Roadmap

A recent study made about JPMorgan’s digital transformation has revealed that the blockchain technology is a key technology for the future of the bank. RM has analyzed the company and its strategies and it has noted that, in order to get a competitive edge in the market against rival banks, JPMorgan has to use the blockchain technology.

The bank has already spent $10.8 billion USD in technology in 2018 and half of the money will go to the fintech industry. This study shows that the blockchain is one of the technologies that the bank is studying together with big data and cloud technology, robotics and artificial intelligence (AI). The study also recommends that other banks should do the same to embrace the technology.

Also, JPMorgan has been reported to expand its blockchain payment platform to over 75 multinational banks recently in an effort to fight the competition. The bank has decided to begin testing the platform in April with partners like Goldman Sachs, the National Bank of Canada and Pfizer.

Recently, the CIO of JPMorgan, Lori Beer, has said that the blockchain would replace the current technology in a matter of some years. At the moment, the bank is still averse to risk when it comes to cryptos and the CEO Jamie Dimon seems to be very anti-Bitcoin.

However, some other people at the company seem to be more receptive of cryptocurrencies.

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