JP Morgan replaces banking development with the blockchain

JP Morgan replaces banking development with the blockchain

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Lori Beer, chief executive officer of JP Morgan, speaking to journalists at a conference in Buenos Aires, said: blockchain will replace the current developments that are used by financial institutions.

“Soon we will see the expansion and globalization of the use of blockchain. Very soon, today’s developments coexisting next to innovation will be replaced,” Beer said.

She recalled that JP Morgan is now applying blockchain in its practice to “facilitate the processing of payments, and protect user information associated with the policy of KYC.” She specified: innovative fintech development is effectively applied in the fight against money laundering.

Further, Beer told how the blockchain technology can be used by the bank:

“Development passes on a few directions. We founded the platform with an open code on the Ethereum blockchain basis. We support a collaboration with Hyperledger and Enterprise Ethereum Alliance. A company is important, that technology got the actual use: in plans not only decline of expenses, but also development of new products on the blockchain base”.

Naturally, conversation about blockchain could not be without mention cryptocurrencies. When Beer put a question about acquisition of JP Morgan digital assets, she answered: a bank supports that is regulated by a government only. Now a target group that “watches after what” be going on in the world of virtual currencies operates in a bank.- Beer restrained from comments.

Earlier in August, JP Morgan had already announced its interest in innovative technologies. Jamie Dimon, CEO of the bank, then said:

“We are testing blockchain technology, and we plan to use it to solve many problems.”

In May this year, JP Morgan filed a patent for a single payment peer-to-peer network, able to find application within banks and in interbank settlements. In the application it is offered to use the distributed register for instant processing of transactions. In this case, the technology excludes the interference of third parties and retains a “golden copy” (reliable initial information) in the event log.

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