JPMorgan: the blockchain will replace the technological system of the Bank

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JPMorgan: the blockchain will replace the technological system of the Bank

The Director of the American Bank JPMorgan Lori bir believes that within a few years, the blockchain will replace competing technologies.

Bir noted that JPMorgan has already introduced the technology of the distributed registry, in order to simplify the payment process and storage of client information related to KYC policy. In addition, the technology helps the Bank to prevent money laundering.

We will see more widespread use of the blockchain. A few years blockchain will replace the existing technology with which it currently coexists only.

Lori bir also said that the Bank has created a blockchain with open source on the basis of Ethereum, which does not correspond to the requirements and needs of the company in matters of privacy and scalability.

JPMorgan is also associated with the Enterprise Alliance, Ethereum, and Hyperledger. For us the most important application of the blockchain in the business than the technology itself. We orientirueshsya as the reduction of costs and the ability to create new products.

Bir also said that the Bank has staff who are engaged in the evaluation and analysis of the market of digital currencies.

It is noteworthy that despite skepticism about the cryptocurrency in may, the Bank began to study the cryptocurrency sector and decided to create your own strategy in this area.

Recall that last month, JPMorgan announced its plans to patent the new blockchain management system virtual payment checks, backed up by bonds or real assets.

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