[2016-02-23] JPMorgan reported “quietly testing” blockchain amid major expense c

[saracon]

JPMorgan reported “quietly testing” blockchain amid major expense cuts
One the largest US banks has been reported to start cutting costs to adjust to a tougher environment, but increasing spending on distributed ledger research and development at the same time.
http://www.coinfox.info/news/4895-j-p-morgan-increases-spending-on-blockcain-development

[Carlton Banks]

The constant repetition of this canard of "blockchain saves costs/increases efficiency" really needs to be put to rest.

Blockchains are less efficient than the centralised systems banks currently use, not more. Blockchains are NOT about saving running costs.


Blockchain's are used to record information honestly. No wonder the banks are trying to pretend blockchains are something they aren't: the last thing those banks need is honest record-keeping.

[-XXIII-]

The constant repetition of this canard of "blockchain saves costs/increases efficiency" really needs to be put to rest.

Blockchains are less efficient than the centralised systems banks currently use, not more. Blockchains are NOT about saving running costs.


Blockchain's are used to record information honestly. No wonder the banks are trying to pretend blockchains are something they aren't: the last thing those banks need is honest record-keeping.

Could it be argued that banks are researching blockchain technology to track what 'the people' spend and on what?

edit: I understand the article states it's for "cutting costs", but I'm inclined to disbelieve anything a corporation reports.

[Minecache]

Would be interested to know if this is Ethereum or not.

[TraderTimm]

Would be interested to know if this is Ethereum or not.

There is zero evidence to say that it is. Its more likely their own formulation, since Banks like to own everything that runs within their datacenters. Why would they fork over control essentially to another group that controls some alt-coin? That isn't how they do business. They're in the mode of acquire--> redesign--> deploy--> charge fees cycle, and they like to have ownership every step of the way.

[-XXIII-]

Would be interested to know if this is Ethereum or not.

There is zero evidence to say that it is.

This is how Illuminati works, the hidden hand. There's a reason it's called "secret society", else 'secret' wouldn't hold a very valuable meaning. JPMorgan and all them fools are all part of these societies, never underestimate the power of money.

[BellaBitBit]

Which came first - testing blockchain to cut expenses or cutting costs/employees due to knowing what the blockchain can already do? I am thinking the latter. 

[TraderTimm]

Would be interested to know if this is Ethereum or not.

There is zero evidence to say that it is.

This is how Illuminati works, the hidden hand. There's a reason it's called "secret society", else 'secret' wouldn't hold a very valuable meaning. JPMorgan and all them fools are all part of these societies, never underestimate the power of money.

Great, from zero to conspiracy theory in a few seconds. Let us know when your bunker is done.