Blockchain technology has made rapid advancements in the recent time that has definitely raised its credibility in the international market. Despite the fact that it originated as an operating platform of cryptocurrency it has carved its way to other domains successfully. Even when there is a significant drop in the values of digital currency it did not make any impact on blockchain related products and services. The industry experts support the fact that it might take another couple of years for its impact to be felt but it remains indifferent from cryptocurrencies falter. Blockchain, therefore, remain viable and popular because of its eminent characteristics and business values applications.
The experts of financial services multinational firm JPMorgan reveal that blockchain can facilitate immense benefits and advancements in the field of banks and payment systems. There is a huge possibility of high potential gain in the fintech and bank related service through blockchain driven applications, products and services.
In an interview, JPMorgan’s chair of global research Joyce Chang stated that blockchain technology is not only capable of revamping the entire payment system but it will also provide marginal improvements to the industry. In her opinion, it will take another three to five years to reach that stage as mentioned by Bloomberg.
JPMorgan is paving the way for blockchain with its Quorum platform which is powered by the emerging technology blockchain. The Interbank Information Network (IIN) that consists of about 157 member banks internationally is based on this platform. Their primary aim is to handle the challenges related to information or data sharing between banks and to expedite transactions of the recipients.
Cryptocurrency And Blockchain Progress
It is pretty much clear now that blockchain remains largely unaffected by cryptocurrency and its development. Indeed, blockchain serves as their operating platform but it has created a different identity for itself. According to CoinDesk, the value of the digital currency as plunged down and collapsed in recent times, the focus of the investors then shifted towards blockchain technology. Clearly, they have a varied pace of development and progress which is affected by the shift of interest in the market.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]