JPMorgan’s focus on blockchain is part of their digital transformation roadmap
A study into JPMorgan’s digital transformation initiatives has revealed that blockchain is a key technology for the bank’s roadmap, according to a press release published by ResearchAndMarkets.com (RM) October 3.
RM has analyzed JPMorgan’s enterprise-wide strategies to secure its “competitive edge” against rival banks, non-financial firms, and fintech startups. The bank has reportedly earmarked $10.8 billion for technology spending in 2018, $5 billion of which will go towards fintech investments.
The study covers JPMorgan’s digital transformation roadmap, with blockchain listed as the first in a range of bleeding-edge technologies that are being pursued by the bank — including big data, cloud, artificial intelligence (AI), and robotics.
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Facebook and a Crypto Payments Network
Business Insider reports that Facebook has been talking to an open-source payment-tech company, Stellar, about ways in which FB might use blockchain technology.
The gist of the talks is that FB, which has a blockchain apps team led by David Marcus, wants to push into finance and go head to head with the payment networks of the big banks.
One of the most commonly cited benefits of blockchain over traditional payment processing is … speed. A recent JP Morgan Research Note contrasted a transaction on Ripple, that took took four seconds, with one of a traditional banking system, which took three to five days.
An anonymous Stellar insider apparently told BI that if Facebook does team up with Stellar, “They’d be taking the rug out from under the banks.”
CCN.com goes another step, suggesting that Facebook is planning to fork the public Stellar chain rather than relying on the public Stellar chain, and that it may create its own digital token.