The chairman and CEO of JPMorgan Chase Jamie Dimon elucidated the importance of decentralized finance (DeFi) and blockchain in his annual letter to the shareholders, published on May 23.
Dimon called DeFi and blockchain as real and novel technologies that can be applied in both private and public sectors, permissioned or non-permissioned.
Dimon emphasized a great deal on making investments in technology and operations, as well as related products and services for the banking sector, which according to him are necessary to sustain the company’s health.
In his letter, Dimon explained JPMorgan’s ongoing efforts, its take and past achievements in the blockchain technology and DeFi sector:
* Dimon said that the bank makes extensive Investments in technology for improving operations and security and enhancing the products and services.
* Investment in technology helps in maintaining regulatory requirements at the workplace and necessary improvements for cybersecurity, as well as operational resilience and security.
* He said that JPMorgan Chase has been one of the pioneers among banks to embrace the innovation of blockchain and Defi.
* The bank uses a blockchain-technology based network called Link which helps banks to share complex information and bring efficient ways to transfer data through custom applications.
– Link network covers 39 countries, while more than 25 of the world’s leading banks have signed up to participate and over 400 leading institutions have signed letters of intent to join.
* Blockchain is also used to move tokenized US dollar deposits with JPM Coin, which is a permissioned, shared ledger system that serves as a payment rail and deposit account ledger, enabling participating JP Morgan clients to transfer US dollars held on deposits with JPMorgan.
– The coin enables real-time value movement and helps in overcoming the day-to-day obstacles of traditional cross-border payments.
* Dimon concluded his viewpoint by stating his belief that blockchain has multiple applications and can substitute and improve contracts, data ownership and other enhancements.
* However, he cautioned for some purposes, the blockchain technology is currently too expensive or too slow to be deployed.
(For the latest crypto news and investment tips, follow our Cryptocurrency page.)
Dimon called DeFi and blockchain as real and novel technologies that can be applied in both private and public sectors, permissioned or non-permissioned.
Dimon emphasized a great deal on making investments in technology and operations, as well as related products and services for the banking sector, which according to him are necessary to sustain the company’s health.
In his letter, Dimon explained JPMorgan’s ongoing efforts, its take and past achievements in the blockchain technology and DeFi sector:
* Dimon said that the bank makes extensive Investments in technology for improving operations and security and enhancing the products and services.
* Investment in technology helps in maintaining regulatory requirements at the workplace and necessary improvements for cybersecurity, as well as operational resilience and security.
* He said that JPMorgan Chase has been one of the pioneers among banks to embrace the innovation of blockchain and Defi.
* The bank uses a blockchain-technology based network called Link which helps banks to share complex information and bring efficient ways to transfer data through custom applications.
– Link network covers 39 countries, while more than 25 of the world’s leading banks have signed up to participate and over 400 leading institutions have signed letters of intent to join.
* Blockchain is also used to move tokenized US dollar deposits with JPM Coin, which is a permissioned, shared ledger system that serves as a payment rail and deposit account ledger, enabling participating JP Morgan clients to transfer US dollars held on deposits with JPMorgan.
– The coin enables real-time value movement and helps in overcoming the day-to-day obstacles of traditional cross-border payments.
* Dimon concluded his viewpoint by stating his belief that blockchain has multiple applications and can substitute and improve contracts, data ownership and other enhancements.
* However, he cautioned for some purposes, the blockchain technology is currently too expensive or too slow to be deployed.
(For the latest crypto news and investment tips, follow our Cryptocurrency page.)