JP Morgan have a habit of making headlines within the cryptocurrency news space. This time it is JP Morgan CIO, Lori Beer whom has stated “blockchain will replace existing technology”.

Speaking at a press conference in the Argentinian capital, Buenos Aires, it was reported by Argentinian website Cripto247 beer had stated, “in a few years blockchain will replace the existing technology, today it only coexists with the current one,”

When discussing blockchain technology with Cripto247 and how JP Morgan are using blockchain technology to  “simplify the payment process and to store customers’ information related to KYC (Know Your Customer) policy.”

“We are currently following many paths. We invented a blockchain with an open code based on Ethereum. Actual blockchain technology has not yet resolved issues with privacy and scalability that we needed. We are connected to Hyperledger and Enterprise Ethereum Alliance. The application of this technology in business is more important to us than the technology itself. We are looking not only for cost reduction, but also for opportunities to develop new products.”

Beer refused to be drawn into comments surrounding JP Morgan’s position on ICO’s however she did specify that the bank only supports what is regulated when questioned about whether or not JP Morgan are open to buying or trading cryptocurrencies.

Jamie Dimon, CEO of JP Morgan famously called bitcoin a fraud before declaring that he regretted this statement. He has then went as far to state that he he optimistic about blockchain, and that JP Morgan are in fact testing blockchain and “will use it for a whole lot of things”.

In May, JP Morgan Chase filed a patent for a blockchain powered peer-to-peer payments network. While it is not certain what this will be used for, the patent does propose to use DLT (distributed ledger technology) to process payments in real-time.

IT is becoming more evident that JP Morgan will be using blockchain technology in the very near future, although we cannot say whether or not they will ever invest or offer crypto based investments to their customers.

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