Chief information officer (CIO) of the American JPMorgan bank, Lori Beer, said that the company monitors the cryptocurrency market and actively uses the distributed ledger technology (DLT) to improve the quality of its services. She expressed confidence that the blockchain would replace competing technologies for several years.
Beer explained that JP Morgan is already actively using DLT to simplify payment processes and store customer information. She added that the blockchain system also helps to avoid money laundering.
The CIO of JPMorgan said that the bank created an open source blockchain based on Ethereum. However, for the time being it does not meet the requirements and needs of the company in terms of scalability and privacy, Lori Beer added.
WHY IS IT IMPORTANT?
- The bank is more skeptical about digital assets. However, in May JP Morgan began to explore the cryptocurrency sector and decided to create its own strategy in this area. The bank employs staff who are engaged in the analysis and evaluation of the crypto market.
- The use of blockchain in business for a bank is more important than the technology itself. JPMorgan focuses not only on reducing costs, but also on the opportunities for creating new products.