Major international banking institutes JP Morgan and Chase has unveiled that one of their primary focuses in the field of innovation will be the exploration of blockchain technology.
Chief Information Officer of JP Morgan Lori Beer, has elaborated that the company will use blockchain to:
“Simplify the processing of payments and to store customer information related to the[know your customer] policies and anti-money laundering in the exchange of money that comes from another bank”.
Beer said at a blockchain conference in Buenos Aires, Argentina, that in order to enhance client security and the various other aspects of information held in a digital format, that the company will look into blockchain with the goal to make the “ecosystem grow and returning something to the [cryptocurrency] community”.
Beer also went into the reasoning behind JP Morgan’s interes in application programming interface (API) and artificial intelligence (AI):
“Currently, the pace of adoption of technology is accelerating. At JP Morgan 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”.
She elaborated on the points of the emerging technology and how they can be implemented and impact the company and the clients:
“In a few years, blockchain will replace the existing technology, today it only coexists with the current one… We are following multiple paths, we invented a blockchain in open source Ethereum, the existing blockchain technology had not solved the issue of privacy and scalability that we needed, we are connected to Hyperledger and the Enterprise Ethereum Alliance. more important the implications for the business than the technology specifically, we seek not only cost reduction but opportunities for the development of new products”.