JPMorgan plans to use blockchain technology

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In a recent interview with Harvard Business Review CEO of JPMorgan Chase James Dimon praised the potential of blockchain technology and applications for electronic payments in Fiat currencies.

According to the Daimon, for JPMorgan Chase, the largest American Bank, the greatest competition are the companies providing new payment services in particular PayPal, Venmo and Alipay. He said the following:

“These firms are successfully integrating the basic banking services in your chats, social networking and shopping platforms.”

Daymon has recognized the difference between cryptocurrency and Fiat currency and gold, the circulation of which is regulated by law. Unlike digital assets, blockchain technology he called “real,” stating that JPMorgan is testing a distributed database and plans to apply this technology in various spheres of its activities.

Position of the company and the Daimon regarding virtual currencies has undergone significant changes. In 2017 James called bitcoin a “Scam” and threatened to lay off employees, selling BTC. February 27 this year, the Bank recognized the competitiveness of cryptocurrency, published in the report the following:

“Because of the pressure from the digital asset JPMorgan Chase likely will have to reduce Commission for services and products, otherwise the company may lose market share”.

In may, the Bank’s management has applied for a patent on the blockchain payment system, and also created a new Department – the cryptocurrency of the strategy. We can conclude that JPMorgan estimates the virtual currencies as a threat, but blockchain technology as a potentially valuable development that can improve the efficiency of financial services.

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