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The investment bank and the financial services company J.P. Morgan Chase have identified three public companies whose actions they believe can benefit from their applications of blockchain technology, according to reports from CNBC on November 8.
In a note to customers, J.P. Morgan reported that IT companies will implement the blockchain in the same way that many companies claim to benefit from machine learning and artificial intelligence (AI). As reported by Cointelegraph yesterday, some companies have started to give up using the term "blockchain" because they believe that the word is overwritten and too often used as a marketing ploy.
However, J.P. Morgan has outlined three companies that will presumably create "incremental material growth opportunities" from technology.
For J.P. Morgan, these beneficiaries are the American content delivery network and the cloud service provider Akamai Technologies Inc., the San Francisco digital transaction management and technology services company DocuSign and the cloud-based platform provider for the financial sector mortgage Ellie Mae.
J.P. Morgan recommended that investors "should try to identify where the opportunity is greatest to replace an intermediary, or where trust is needed where it does not exist, or which companies are the best to offer blockchain as a service (BaaS). "
Morgan Sterling Auty, research analyst on software equity at J.P. Morgan, explained how each company complies with the J.P. Morgan. According to reports, Auty said that Akamai could boost its business through BaaS as many customers would prefer to use blockchain as a service rather than developing the technology from scratch.
DocuSign can already connect a blockchain network to its systems. In particular, DocuSign aims to digitize the entire procurement process on its platform. "Over time we could see that much of the platform was based on blockchain, essentially shifting its centralized security model to the distributed blockchain model," Auty said.
Regarding the third company, Ellie Mae, J.P. Morgan said that real estate is the most "obvious" use for blockchain. According to reports Auty commented:
"The use of the blockchain to manage the entire mortgage process could bring trust between the parties and the use of smart contracts could help automate various activities (inspection, verification of income / employment".
In October, a study of the digital transformation initiatives of J.P. Morgan revealed that blockchain is a key technology for the bank's roadmap. The study covered the digital transformation roadmap of the company, with blockchain listed as the first in a series of cutting-edge technologies pursued by the bank, including big data, cloud, artificial intelligence and robotics.
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