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The international banking institution JP Morgan and Chase has revealed that one of their three key focus points in the field of innovation this year is the exploration of blockchain technology.
According to an Argentinian news outlet, the chief information officer of JP Morgan Lori Beer explained that the company is using blockchain in order 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 to representatives at a blockchain conference in Buenos Aires that the company takes the digital aspects of their client’s security seriously and that they are exploring blockchain with the intention to make the “ecosystem grow and returning something to the [ cryptocurrency community”.
Two other focuses the company has been exploring are related to application programming interface (API) and artificial intelligence (AI). Beer explained the reason behind the interest in these systems:
“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 continued to detail the ways in which the technology will 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”.
JP Morgan has been known for its interest in cryptocurrency and has featured in blockchain news for reasons such as it banning purchases of virtual currencies through credit cards services, the scandalous pursuit of additional fees from its customers, or its CEO swallowing his opinion on cryptocurrency. Owing to this, it is not surprising that it has a high focus on the technology.