“Blockchain Will Replace Existing Technology” – JP Morgan CIO


JP Morgan Chase, the largest bank in the US, wasn’t always the biggest fan of cryptocurrency and Blockchain. Jamie Damon, bank’s head, was famous for slamming Bitcoin (BTC). He called it a “fraud”, called the investors “stupid” and warned that they would “pay the price” someday.

He was slightly more positive on the Blockchain technology, saying that it “can be useful”, but the banks won’t adopt it “overnight”.

It seems that the bank Damon works for is a lot more optimistic towards the technology. JP Morgan CIO Lori Beer said that blockchain will “replace existing technology” in a few years.

“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.”

– Beer said at a press conference in Buenos Aires.

What about the cryptocurrency?

When asked about cryptocurrency, Beer explained that JP Morgan is only interested in, and supports, what is regulated. She also mentioned that the bank has specialists “evaluating what is happening” with cryptocurrency market.


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