J.P. Morgan has recently made an array of comments on the future of blockchain technology and other innovations.
In a recent interview, J.P. Morgan’s chair of global research, Joyce Change stated that blockchain technology is 3 to 5 years away from displaying a true impact. The Wall Street researcher also suggested that the headmost technology will likely revolve around trade finance, instead of all the other industries that the technology has been built for such as supply chain, social networking, and more.
Joyce commented, “Blockchain isn’t going to reinvent the global payments system, but it will provide marginal improvements.”
As per the financial outlet’s report on the matter, a former managing director at Merrill Lynch, Change went on to recommend that though cryptocurrencies have taken center-stage in the form of use-case scenarios for blockchain, she believes that it is the underlying technology used for verifying and recording transactions that matter.
She noted that one of the most important things is that the community needs to separate blockchain from cryptocurrencies because they are two different things. She also mentioned that most people are confused about the differences between the two.
J.P Morgan’s thoughts on Ethereum
Joyce Change also spoke on the Ethereum-based initiative that was devised by J.P. Morgan and Quorum, Interbank Information Network), aiming to solve issues which are connected with interbank information sharing, while also bolstering the overall speed of transactions. This newly-formed network is currently supporting 157 banks worldwide.
Other notable points that Joyce bought up was that we need to see more banks and financial institution use the blockchain technology and help other enterprise companies adapt to the new technology before we can see a meaningful impact in the blockchain and crypto space.
Distributed ledger technology has been doing really well throughout the banking industry, with several entities taking up to the opportunity to use the inceptive technology for improving their underlying operations.