The financial giant, JP Morgan announced recently that blockchain technology is one of the main three focuses of their firm. JP Morgan will focus on innovation this year, as they announced that they are developing projects like Application Programming Interface (API) and Artificial Intelligence (AI). The statement was made by the Chief Information Officer of JP Morgan Chase and a member of the operating committee, Lori Beer. She said that JP Morgan Chase is working on a payment processing system that simplifies the process and stores sensitive customer information for anti-money laundering and Know-your-Customer policies, removing third party involvement.
She also assured that the company takes the security of client information and cyber security very seriously. JP Morgan Chase also launched in March its own distributed platform running on the Ethereum blockchain. It is called Quorum and it allows smart contract operation. The platform was created as an open source platform to make the ecosystem grow and return something to the crypto community. Lori Beer commented:
“In a few years, blockchain technology will replace the existing technology, today it only coexists with the current one”
JP Morgan Chase will seek innovation through AI and Blockchain
Lori Beer also said that they will continue to research and develop blockchain technology, and that they will see a greater and wider use for the technology in the next couple of years. But first, they will use blockchain technology where there is a direct use case. Lori Beer commented:
“Currently, the pace of adoption of technology is accelerating. From JP Morgan Chase we focus on artificial intelligence technology to improve the processes related to protection against fraud, cybersecurity, so that our employees can have more knowledge and make better decisions”
About buying cryptocurrencies from JP Morgan Chase, she said that they support everything that is regulated and that they have specialists observing what is happening.
“We are following multiple paths. We invented an open source blockchain based on the Ethereum blockchain, the existing blockchain solutions had not solved the issues of privacy and scalability that we need. We are connected to the Enterprise Ethereum Alliance and Hyperledger and more importantly, the implications for the businesses are more important for us than the specific technology. We seek not only cost reduction, but also the opportunities to develop new products.”
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