JPMorgan innovation officer sees wider use for blockchain
JPMorgan Chase is expected to leverage blockchain throughout its operations in conjunction with other technologies such as artificial intelligence, its chief innovation officer said.
Reported at a Buenos Aires conference by Argentine media group Crypto247, JPM’s Lori Beer said the financial services group already uses blockchain to simplify payments processing and store know-your-customer and anti-money laundering compliance data.
The company launched Quorum – an Ethereum blockchain-powered platform – in March.
Beer said: “We continue to evaluate the use of blockchain and will see a greater and wider use of the technology in a few years.”
She added: “We are following multiple paths: we invented a blockchain in open source Ethereum as the existing blockchain technology had not solved the issue of privacy and scalability that we needed. We are connected to Hyperledger and the Enterprise Ethereum Alliance.
The implications for the business are more important than the technology specifically: we seek not only cost reduction but opportunities for the development of new products.”
Beer’s comments represent JPMorgan’s recent bullish approach to blockchain technology. Earlier this month chief executive Jamie Dimon said he expected the bank to use blockchain for a “whole lot of things”.
JPMorgan were unable to comment directly to OpenLedger on Monday morning.