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JPMorgan provides blockchain analysis

JPMorgan provides blockchain analysis

Innovation has changed the way transactions are conducted, JPMorgan said in its technology review. According to the bank’s analysts, blockchain can become a stable foundation for expanding the functionality of cryptocurrencies and prompt payments.

The cryptocurrency industry has grown significantly in the past year. For example, new distributed ledger technologies are often used on stock exchanges when selling shares. Also, many organizations and governments create their own electronic means of payment based on the blockchain. For example, JPMorgan launched its own digital JPM Coin in 2019, and China is developing a digital counterpart to the national currency.

The bank’s economists note that despite the prevalence of technologies, the issues with their implementation remain relevant. The main problem is computing power and poor internet connection. Another stumbling rock is the attitude of regulators towards cryptocurrencies, which has not yet been fully formed. For example, Facebook cryptocurrency Libra has been heavily criticized by the United States Congress and the heads of European countries. The failure of Libra often lures many projects down when planning a launch.

Blockchain is a fairly convenient and successful technology for the development of the activities of credit institutions and many corporations, but first they should figure out how to apply it. Consolidation of clients in one ecosystem will allow translations to be carried out virtually in real time, but at the moment most of the developments are in the testing stage. The simplest ways to use technology JPMorgan calls transactions, trading, and the activities of depositary banks.

Among other things, the bank’s analysts warned the readers of the report against investing in cryptocurrencies, calling them still dangerous assets.

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