Blockchain will replace the existing technology

JP Morgan CIO Lori Beer told a press conference in Buenos Aires that the blockchain "will replace the existing technology" in a few years, according to the Argentine website Cripto247 August 23

"We will see an ever wider use of blockchain […] In a few years the blockchain will replace the existing technology, today it coexists only with the current one, "said Beer.

Beer explained to Cripto247 that JP Morgan uses blockchain technology to "simplify the payment process and store customer information related to KYC (Know Your Customer) policy." He added that blockchain technology helps prevent the recycling of dirty money Beer has also explained the use of blockchain technology by the bank:

"We are currently following many paths. We invented a blockchain with an open code based on Ethereum. Effective blockchain technology has not yet solved the privacy and scalability issues we needed. We are connected to Hyperledger and the Enterprise Ethereum Alliance. The application of this technology in business is more important to us than technology itself. We are looking not only for cost reduction, but also for opportunities to develop new products. "

Beer was also asked what is the position of JP Morgan on the purchase of cryptocurrencies, he explained that the bank supports only what is regulated and has specialists who are" evaluating what is happening "with currencies When asked about the institutional position regarding Initial Coin Offerings (ICO), Beer preferred not to reply.

At the beginning of August, Cointelegraph reported that JP Morgan Chase's CEO Jamie Dimon was optimistic about the blockchain "[JPMorgan] is testing [blockchain] and will use it for a lot of things," he said.

In May, JP Morgan Chase filed a patent for a peer-to-peer-powered blockchain payment network that could be used for intra and inter-bank agreements The patent application proposes the use of a distributed ledger to process payments in real time, without having to rely on a trusted third party to preserve the true "copy" gold "of the control trail.