Blockchain To Replace Existing Technology, Says JP Morgan CIO

BTC Wires: Lori Beer, the CIO of JP Morgan remarked that he was convinced of the potential of blockchain technology to completely substitute other existing forms of technology. Speaking at a press conference in Buenos Aires, he said that he believes blockchain will replace present technology in some years’ time, according Cripto247, an Argentinian website. He remarked that as years pass, the world will see blockchain being implemented in more and more fields and will move from simply coexisting with other technologies to being the chief one.

Beer said to the news outlet that JP Morgan makes use of blockchain technology for the purpose of simplification of paying and storing information about customers, especially under the KYC (Know Your Customers) Policy. Beer went on to say that blockchain technology is important in preventing misappropriation of funds. Beer also added that the company is now taking several paths where they have invented a blockchain that runs on an open code having an ethereum core. Although real blockchain tech has not yet managed to settle issues concerning scalability and privacy. The company is also currently linked to Hyperledger as well as the Enterprise Ethereum Alliance. Applying this technology in the field of business is, according to Beer, more crucial to the firm than just the technology. JP Morgan is attempting to cut costs as well as to come up with new kinds of products with blockchain at their core.

When asked about how JP Morgan feels about buying digital currencies, Lori Beer said that their organization would only work with something that falls within the ambit of regulatory control. Currently their experts are studying the situation with cryptocurrencies. However she refused to comment on the company’s stance on Initial Coin Offerings (ICOs).

Earlier this month,it had also been reported that CEO of JP Morgan Chase, Jamie Dimon had also expressed enthusiasm about blockchain, saying they were involved in testing the technology and were on their way to implement it in several ways.

In May, the company had also filed a latent for peer-to-peer payments network with blockchain powering it. That application plans to use DLT for payment processing.