“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 said.
Beer explained to Cripto247 that JP Morgan uses blockchain technology to “simplify the payment process and to store customers’ information related to KYC (Know Your Customer) policy.” She added that blockchain technology helps to prevent money laundering.
i never know what these people mean by "blockchain technology."
AFAIK, blockchains leverage decentralization to remove trusted intermediaries or central authorities from transactions. if their network doesn't do that, it's not "blockchain technology."
and i'm at a loss for why a bank would implement a blockchain to store its own customers' personal information. use a database and focus on securing the data!
It's all just a big hype/fad/bubble, companies are praising blockchain and saying that they are working with it just to look like they are cutting edge and to boost their stock. I don't think that at the moment any business actually uses it beyond some internal tests.
As for "blockchain technology", it's indeed very different from cryptocurrency protocols, they say that blockchain makes their systems more secure, but since their protocols are centralized, don't have PoW, not peer-to-peer, they are much weaker than cryptocurrencies. Many tech experts mock blockchain today for these reasons.
