Bitcoin Forum

JP Morgan CIO Lori Beer says that blockchain will "replace existing technology" in a couple of years, at a press conference in Buenos Aires as reported by Cripto247 on August 23.

    Beer expressed: “We will see a greater and wider use of blockchain [...] In a few years blockchain will replace the existing technology, today it only coexists with the current one,”

Beer disclosed to Cripto247 that JP Morgan utilizes blockchain technology to "simplify the payment process and to store customers’ information related to KYC (Know Your Customer) policy." She added that blockchain technology prevents illegal tax avoidance. Beer further clarified the utilization of blockchain technology by the bank:

    "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 was also questioned regarding JP Morgan's position on purchasing cryptocurrencies... Click Here (https://cointopper.com/news/blockchain-will-replace-existing-technology-says-jp-morgan-cio) to continue reading

Thanks for sharing . :)

This is an interesting article about the future of blockchains and it confirms what i think. Blockchain will be used in many areas of different industries and replace the current technology. It will also make it easier to prevent misuse of money. Thanks for sharing anyway. I found the statements very good.  :)

Thanks for sharing. This is a big help.. Yes using blockchain technology is more useful and efficient compare to the existing technology.. Gradually blockchain tech will take place

We have idea on how blockchain technology will be emerging in the upcoming years and though these people who are giving their thoughts about blockchain is helping the adoption. But such words aren't appreciated by the people because the media is only focusing on the bad side where these big entrepreneurs and well known companies are giving their unlimited thoughts on how blockchain and cryptocurrencies doesn't have space in the world of tech.

The blockchain technology is indeed a revolutionary innovation. It is the biggest tech innovation since the internet.
And it won't be long before people realize it's huge potential in various areas.
It would change the way we interact, and transact.

Great news but sadly they do consider out ETH but still a better recognition which i didnt have any doubts in the first place when we do talk about blockchain technology even if
they wont consider BTC and made their own but still the innovation would remain when it comes to new way payment system which is really innovative.Im not against on their
view because Blockchain tech will be more applied on upcoming year.

That’s usually the way things work. Newere efficient technology replaces older obsolete technology. Lately the news outlets have been giving a lot of coverage to high profile public figures claiming that blockchain is the future. What took them so long to see that is quite something. Whilst Bitcoin itself may not be overtly popular amongst many of the companies they represent, the technology behind it certainly shows a lot of promise. I’m surprised it’s taken these individuals close to 9 years to speak up. It wasn’t long ago that they all seemed to have very different views from those they seem to have formulated overnight.   

Media will always focus on the bad side since that is what sells the most and I believe the whales are indeed in collaboration with media to use FUD based news to always drive the market to their favor and since all that mainstream media is concerned mostly about is their pocket, it is something that we will just end up seeing. Take a look at the way things were last year, and how the market and news aligned with the uptrend, which is another side of it we are seeing this year.

It is a good thing we have someone within the financial sector that is seeing the need for blockchain technology. It is a very interesting article and obviously shows how vast Lori is when it comes to the idea of blockchain technology and the future it holds in the long run. We all know anyway that this is the future and it is more like affirming what we already know but coming from someone like that still makes some sense that we have some sane people in the financial sector who are not really some bunch of hypocrites.