Lori Beer the Chief Information Officer of JP Morgan in a press conference in the capital of Argentina Buenos Aires, has said that blockchain will “replace existing technology” in a couple of years:
“We will see a greater and wider use of blockchain in a few years blockchain will replace the existing tehcnology, today it only coexists with the current one.”
JP Morgan has been using blockchain technology to as Beer put it to “simplify the payment process and to store customers information related to KYC (Know Your Customer) policy.” She also mentioned that the blockchain technology will help in the prevention of money laundering and added the explanation about the use of the technology by the bank:
“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.”
In the beginning of the month of August we have seen the optimism in a statement by the CEO of JP Morgan Chase, Jamie Dimon where he said that “JP Morgan is testing blockchain and will use it for a whole lot of things”.