JP Morgan CIO Lori Beer declared at a press conference in Argentina that blockchain will “replace existing technology” in a few years’ time.

 

This is according to Argentinian website Cripto247.

“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 declared.

 

Beer explained that JP Morgan makes use of blockchain technology to “simplify the payment process and to store customers’ information related to KYC (Know Your Customer) policy.” She also said that blockchain technology helps to deter money laundering.

Beer continued on the use of blockchain technology by the bank, saying:

 

“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 queried about JP Morgan’s stance on buying cryptocurrencies. She said that the bank only backs what is regulated and has experts who are “evaluating what is happening” with virtual currencies.