JP Morgan: Blockchain will replace the existing technology
The member of the JP Morgan company Laurie Bir (CIO) has told at a press conference in Buenos Aires that blockchain “will replace the existing technology” in a few years. She has noticed that this technology is multipurpose and progressive.
She has told: “We want to use widely the Blockchain technology. In several years, blockchain will replace the existing technology, at the moment they exists together”.
JP Morgan uses blockchain technology that “to simplify payment process, and to store the consumer information connected with KYC (Know Your Customer)”. She has added that blockchain the technology helps to prevent money laundering.
“We are currently following many paths. We invented a blockchain with an open code based on Ethereum. Actual blockchain technology has not yet resolved issues with privacy and scalability that we needed. We are connected to Hyperledger and Enterprise Ethereum Alliance. The application of this technology in business is more important to us than the technology itself. We are looking not only for cost reduction, but also for opportunities to develop new products.”
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