Lori Beer, CIO of one of the world’s oldest and successful financial service provider and investment bank, JP Morgan said “In a few years, blockchain will replace the existing technology, today it only coexists with the current one” during a press conference in Buenos Aires.
Along with Blockchain JP Morgan is also working on Application Programming Interface (API) and Artificial Intelligence (AI).
Speaking to Crypto247 Beer explained, Blockchain “simplify the processing of payments and to store customer information related to the KYC policies (I met your client) and anti-money laundering in the exchange of money that comes from another bank”.
In March, the financial giant launched its own distributed ledger platform called Quorum which runs on Ethereum’s Blockchain. A representative of the bank said, “We are following multiple paths, we invented a blockchain in open source Ethereum, the existing blockchain technology had not solved the issue of privacy and scalability that we needed, we are connected to Hyperledger and the Enterprise Ethereum Alliance. more important the implications for the business than the technology specifically, we are looking not only for cost reduction but also for opportunities to develop new products.”
On a question about JP Morgan’s stand on buying cryptocurrency, Beer said they support everything that’s regulated and they have “specialists evaluating what is happening” but denied response on ICO’s.
JP Morgan filed a patent in May, for a peer-to-peer intra- and inter-bank payment settlement solution. It proposes different modes of such a system, which plans to include participatory banks in a transaction over a distributed ledger.