JPMorgan has frequently devoted its attention and resources towards blockchain technology. On various occasions in the past, JPMorgan was seen supporting and adopting blockchain technology along with other cutting-edge technologies like artificial technology, big data, and robotics. Recently, the financial giant has set a budget of about $10.8 billion for the latest cutting-edge technologies such as blockchain technology in its future road-map.
Derin Cag, founder and CEO of Richtopia, co-founder of Market Runners and Blockchain Age, guest lecturer at INSEEC Group, enlightened BlockPublisher with his thoughts on the latest development by JPMorgan that associated the use of blockchain. Upon inquiring whether allocating a high budget for blockchain was a wise move by JPMorgan, he told BlockPublisher:
If a companies foremost goal is improving their quality of work for people & services within the supply chain, along with boosting their economic bottom-line & security; then I think they made the best possible decision as an entity.
JPMorgan provides financial services to its customers and operates in more than 100 countries. Looking forward to leading the world with its financial services, JPMorgan surpasses its rivals, Citigroup Inc., Bank of America Corp and Amazon etc., in the regard of adopting the latest technology by dedicating a very large budget for the technology. Apart from blockchain technology, other technologies like artificial intelligence ( AI ), big data and robotics are also included in JPMorgan’s roadmap to cater its businesses and systems while competing against the rivals.
In the past, JPMorgan launched Quorum, a blockchain-based platform that employs distributed ledger and smart contract framework. Built on ethereum platform, Quorum provides transparency at both levels, transaction-level and network-wide, to its users. Apart from this, Quorum optimizes transactions by using RAFT algorithm instead of PoW.
With Quorum, JPMorgan refined mobile banking for users by extending its blockchain-based payment to over 75 banks. The service allowed users to internationally transact money, without worrying about reliability and speed factors of the transactions. The mutual ledger, deployed by JPMorgan, solved the problems of checks and incomplete data that caused delays and late payments.
JPMorgan has acknowledged the prospects offered by blockchain and has set its stance in the favor of adopting blockchain technology. JPMorgan aims to lead its rival by deploying the latest technology wherever possible.