According to Christine Moy from J.P. Morgan’s centre of blockchain excellence, the bank and many businesses are currently focusing on the application of private blockchain technology where users are required to have a certain level of identification to join and pledge to abide by certain standards. One major commercial use of private blockchain is streamlining an entity’s back office operations…
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According to Christine Moy from J.P. Morgan’s centre of blockchain excellence, the bank and many businesses are currently focusing on the application of private blockchain technology where users are required to have a certain level of identification to join and pledge to abide by certain standards. One major commercial use of private blockchain is streamlining an entity’s back office operations. The discussion then moves on to JPM Coin, a non-cryptocurrency initiative that’s expected to facilitate direct, seamless transactions between corporate clients with the application of blockchain technology. Recently, the bank successfully conducted a cross-border, cross-currency, and cross-blockchain experiment between the central banks of Singapore and Canada to swap currencies with the help of the coin. Moy also quoted Marc Andresen, the founder of the first Web browser, to validate blockchain’s application potentials by comparing its current status to the internet in the early 1990s. Moy then concludes that blockchain can be expected to function as an ‘internet of values’ for both individuals and businesses to create and transfer value.
Why does this matter? The market has been obsessed with blockchain and cryptocurrency over the past couple of years. Many of the participants in this frenzy were not solidifying the values that blockchain could potentially create other than generating a bubble. We believe the focus instead should be on how blockchain, especially the relatively niche ‘private blockchain,’ could help global business entities with their operations by cutting costs through a more streamlined, trust-verified process.
(The commentary contained in the above article does not constitute an offer or a solicitation, or a recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to your needs.)