New blockchain technology is making a huge impact on the existing systems of various domains. Many organizations are readily adopting it for making their systems more efficient and secure. The industry experts and corporate leaders are continuously monitoring the growth of blockchain-based projects to understand their potential in the global market.
According to Cointelegraph, JP Morgan CIO Lori Beer stated that the new blockchain technology will replace the existing technology in the upcoming years. She mentioned this while addressing media at a press conference in Buenos Aires. In addition to this, she also noted that there is going to be a greater and wider use of the encryption-based technology in the upcoming days. This technology as of now only coexists with the current one but sooner it will take over the entire market.
She explained that JP Morgan is also using blockchain technology in order to simplify payment method process to the store customers details related to Know Your Customer aka KYC policy. This also helps in money laundering as it is digitalized ledger which can be monitored within the network from anywhere.
Beer also informed that their company is following several paths and have invested in a blockchain platform which is an open code based on Ethereum. The company systems are connected with Hyperledger and Enterprise Ethereum Alliance, and the prime objective is not just cost reduction but also to foresee the opportunities available.
JP Morgan And Cryptocurrency
Beer cleared her stand on cryptocurrency and explained that banks have the authority to decide that. Bank allows the transaction of what is regulated within norms and there are experts who are analyzing and evaluating their possibilities. But, as of now, she declined to add any details on that.
JP Morgan Chase has already filed for a patent of new blockchain technology powered peer-to-peer payments network which is used for intra and inter-bank settlements.[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. ]