Former JPMorgan Exec: Blockchain Technology Can Transform Banking
Now that blockchain technology has been gaining more traction in terms of its practical applications, many experts have already commented on how it could transform the financial industry. Former JPMorgan executive Blythe Masters, who is now the CEO of blockchain technology firm Digital Asset Holdings, said that this could be used to help financial services institutions improve customer service. Masters also said that the first major application of blockchain could be in post-trade processing rather than payments, which has been mostly the realm of the cryptocurrency bitcoin. She added that....
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Banking giant JPMorgan Chase has begun the trial of a blockchain project that may prove to be a landmark endeavor in bringing cost-cutting and easier trading to the banking industry. The blockchain project is facilitated by the bank’s collaboration with blockchain-startup Digital Asset Holdings (DAH). The largest bank in the United States by assets – JPMorgan Chase has begun a trial project that utilizes blockchain technology, in collaboration with New York-based blockchain startup Digital Asset. The two companies are looking to introduce distributed ledger or blockchain technology to the....
Blockchain technology could potentially transform payments, says a new report by American multinational banking corporation BNY Mellon. Although the report - titled "Innovation in Payments: The Future is FinTech" - notes that bitcoin may not survive in the long-term, the blockchain, it says, could help to reduce risk, transaction costs and improve speed, efficiency and transparency in the realm of payments. The report goes on to assert that this process does not come without a set of challenges: "Indeed, blockchain technology presents a number of challenges that have yet to be resolved,....